Memecoins can be very volatile, but they can also somehow turn you into a millionaire.
As per on-chain monitoring and analytics firm Lookonchain, one trader recently turned $462 into $3.4 million in Pepe (PEPE).
An early buyer of $PEPE deposited all 182.9B $PEPE($2.53M) into #Binance 6 hours ago.
This guy spent 0.22 $ETH($462) to buy 324.9B $PEPE on Apr 15, 2023 and sold it all for $3.4M.
He was lucky enough to turn $462 into $3.4M, a gain of 7,368x!
Address:https://t.co/o4UcGKVHEh pic.twitter.com/zq03iGzcAe
— Lookonchain (@lookonchain) May 22, 2024
The trader was an early PEPE buyer, bagging 324.9 billion PEPE for just 0.22 ETH on April 15 2023.
He sold 42 billion PEPE back in July 2023, another 100 billion on May 4. He moved the last batch (182.9 billion PEPE) to Binance on May 21, presumably to be sold.
In total, he bagged $3.4 million. As noted by Lookonchain, that’s a 7,368x gain.
As memecoins are extremely volatile, bagging such gains is exceedingly rare.
PEPE: Already 2024’s Best Meme Coin?
Pepe (PEPE) first appeared in April 2023 and soon received support from the community.
Within one month, it had already secured a listing on Binance. Despite some of its creators dumping tokens, it’s been able to maintain and grow its community ever since.
PEPE hit fresh all-time highs above $0.000017 earlier this week. At its current price of $0.00001481, it is around 950% higher on the year.
A big chunk of these gains have come in May, with Pepe up 120% so far on the month.
Roaring Kitty’s surprise return to social media earlier this month helped kick things off.
PEPE gained further momentum last week following the surprise approval of Ethereum ETFs by the SEC.
As a leading Ethereum-based meme coin, PEPE could be a major beneficiary of Ethereum ecosystem growth as institutional investors arrive.
Pepe currently has over 226,000 holders. Its X following recently exceeded 600,000. Pepe is without a doubt staking its claim to be 2024’s best meme coin.