According to analytics company Lookonchain, a trader who invested $27 in token -Pepe meme, made an incredible profit of $52 million.
A major PEPE holder who had been inactive for 600 days moved all of his 2,1 trillion memcoins to a new address. From $27 million to $52 million — an incredible 1x gain! — Lookonchain analysts wrote.
Pepe has surged 1600% since early January to become the second-highest-performing cryptocurrency of 2024, according to Coingecko. Its meteoric rise helped another enterprising Pepe investor turn $3000 into $46 million in May.
This year, meme coins have proven to be among the most profitable. Thus, token -Dogwifhat (WIF) meme based on Solana increased by 1400%.
According to Hao Yan, head of financial products at the crypto exchange bybit , the continued success of memecoins can be seen as a sign of the younger generation's disillusionment with the financial system.
The success of memecoins can be seen as a sign of frustration among young investors who saw the opportunities available to their parents disappear, Yang said.
He also reminded that trading memecoins is characterized by greater volatility than other cryptocurrencies, and, accordingly, increased risks.
