Meme Coin Millionaires: PEPE (PEPE) Trader Turns $2K Investment into $1.77M
- 王林Original
- 2024-07-29 03:48:21982browse
Meme coins have the ability to experience a substantial price increase in a short period of time, thus benefiting savvy traders who picked the right time
A crypto trader who purchased a large quantity of Pepe (PEPE) coins in October last year has sold them for 1.97 million in USDC earlier this week, as spotted by the crypto analytics platform Lookonchain.
The trader had bought 170.2 billion PEPE coins, and their initial investment has increased almost 886% by the time they sold the stash. The total profit from the trade is a whopping $1.77 million.
The selling included two transactions. The trader first swapped a little over 100 billion PEPE for 1.16 million in USDC and then converted the remaining tokens for $812,000 worth of the stablecoin.
Some X users commenting below the post described the move as a wise decision. Others, though, noted that the profit would have been much more substantial had the trader cashed out two months ago.
Back then, PEPE’s price reached an all-time high of around $0.00001699, while currently, it trades at $0.00001171 (CoinGecko’s data), representing a 30% decline.
The PEPE trader joins a growing club of people who made millions from meme coins.
An industry participant who bought more than 48 billion SHIB tokens in January 2021 for 2 ETH (worth only $2,700 at the time) managed to sell the holdings for over 280 ETH in May this year, or over $1.2 million.
Another spent just $310 at the end of 2023 to accumulate approximately 2.5 million dogwifhat (WIF) coins. The trader will make a whopping profit of more than $6 million should they decide to cash out.
Despite presenting a seemingly great investment option and a dreamy way to become rich in a short period of time, dealing with meme coins could also be quite dangerous and lead to devastating financial losses.
This is based on their high volatility and the fact that some of them have questionable use cases and are centered on specific trends that eventually go away.
Those about to join the bandwagon should conduct proper research beforehand and invest only as much as they are ready to lose.
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