Trader Transforms $462 into $3.4 Million Thanks to PEPE
By Joel Frank
Updated: May 29, 2024 20:25 EDT
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Reading Time: 2 minutes
PEPE Meme Coin Brings Massive Returns / Source: Cryptonews
Cryptocurrencies, despite their volatility, offer investors the potential for high returns, particularly when it comes to meme coins.
The recent success story of one trader exemplifies the potential of meme coins to turn a small investment into a fortune. According to on-chain monitoring and analytics firm Lookonchain, this trader managed to turn a mere $462 into an astounding $3.4 million through the investment in Pepe (PEPE).
The trader, an early buyer of PEPE, acquired 324.9 billion PEPE for just 0.22 ETH on April 15, 2023. In July of the same year, the trader sold 42 billion PEPE, followed by another 100 billion on May 4. Finally, on May 21, the trader transferred the remaining batch of 182.9 billion PEPE to Binance, presumably for sale.
In total, the trader accumulated $3.4 million, marking an impressive 7,368x gain, as reported by Lookonchain.
It’s crucial for traders to recognize that achieving such gains with a meme coin is exceedingly rare. While meme coins have the potential for significant upside, they can also lose value rapidly. Therefore, it is essential for traders to thoroughly understand the nature and workings of meme coins before investing.
PEPE: The Leading Meme Coin of 2024?
PEPE first emerged in April 2023 and quickly gained traction. Within a month, it secured a listing on Binance. Despite some initial token dumping by its creators, PEPE has managed to maintain and grow its community ever since.
The year 2024 has already proven to be another remarkable year for PEPE. Earlier this week, PEPE reached all-time highs above $0.000017. Currently priced at $0.00001481, it has seen a remarkable 950% increase since the beginning of the year. The majority of these gains were made in May, with PEPE experiencing a 120% increase so far this month.
The return of Roaring Kitty to social media earlier this month played a significant role in kick-starting PEPE’s upward momentum. Furthermore, the recent approval of Ethereum ETFs by the SEC further bolstered PEPE’s growth.
As a leading Ethereum-based meme coin, PEPE stands to benefit greatly from the growth of the Ethereum ecosystem as institutional investors enter the market. With over 226,000 holders and a rapidly expanding following of over 600,000, PEPE is undoubtedly positioning itself as the top meme coin of 2024.
An Alternative to Consider: PlayDoge (PLAY)
While some cryptocurrency traders prefer to invest in established meme coins, others may opt to participate in token presales for potentially higher gains.
One such meme coin with significant potential, according to analysts at Cryptonews.com, is PlayDoge (PLAY). PlayDoge offers more than just meme coin status; it powers a fun, mobile-based game and is packed with play-to-earn (P2E) utility.
Despite just launching, the crypto presale for PlayDoge has already raised over $357,000. With an initial price of $0.005 and a modest market cap of under $50 million, PLAY has the potential to be one of the top meme coin plays in this cycle, depending on the success of its game.
For more information, visit Playdoge Here.
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