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A $27 gamble on Pepe memecoin turned into a staggering $52 million profit, delivering one of 2024's most astonishing crypto success stories. With a 1.9 million percent return, this trade cements memecoins as high-stakes, high-reward assets.
How a $27 Investment in Pepe Became a $52 Million Windfall
According to blockchain analytics firm Lookonchain, a cryptocurrency trader allegedly made an astonishing $52 million profit from a $27 investment in the Pepe memecoin.
Lookonchain, a crypto intelligence outfit, announced in a post on December 14th that an unnamed Pepe trader made the fortune-changing sum.
Memecoins have made a lot of people millionaires in the cryptocurrency industry, even if they don't have any real use. Traders who were astute enough to invest $3,000 in the Pepe token in May made $46 million, a return on investment of more than 15,700 times.
Memecoins Dominate Cryptocurrency Market in 2024
From a financial perspective, memecoins have been among the most successful digital currencies this year.
Pepe is the runner-up among the top 100 cryptocurrencies this year, having risen more than 1,600%, while Dogwifhat, a meme coin based in Solana, is in third place, having risen more than 1,400%.
Nevertheless, according to data from Cryptobubbles, the Mantra (OM) governance token has surpassed other memecoins in terms of performance, with a surge of more than 16,600% in 2024.
The Rise of Pepe and Its Future Potential
Pepe has more potential for growth, according to some crypto traders, despite the fact that memecoin technical analysis is notoriously wrong.
Since Bitcoin CEO Max Schwartzman claims that Pepe is the "king of this cycle" since it is like Dogecoin during the present bull run.
According to Hao Yang, head of financial products at Bybit, the continuous popularity of memecoins can be taken as a sign of the younger generation's disillusionment with the traditional financial system.
Risks and Volatility in Memecoin Trading
“The success of memecoins can be seen, like punk rock, as a symptom of disillusioned young investors who have seen the opportunities afforded to their parents disappear,” Yang told Cointelegraph.
There is a lot of unpredictability in memecoin trading. On December 10th, during the $1.7 billion crypto market liquidation, a number of popular memecoins ended up doing worse than expected.
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