Despite having no intrinsic value, memecoins have created many new millionaires among crypto investors.
A cryptocurrency trader has reportedly turned a $27 investment in the Pepe memecoin into an extraordinary $52 million profit, according to blockchain analytics firm Lookonchain.
An unknown $PEPE trader bagged the life-changing profits, crypto intelligence firm Lookonchain revealed in a Dec. 14 X post.
“A $PEPE whale that had been dormant for 600 days transferred all 2.1T $PEPE($52M) to a new address… From $27 to $52 million — an extraordinary 1,900,000x return!”
Despite having no intrinsic utility, memecoins have created many new millionaires among crypto investors. In May, another savvy trader turned $3,000 into $46 million trading the Pepe token, making an over 15,700-fold return on investment.
Memecoins have proven to be some of the best-performing cryptocurrencies of the year based on their returns.
Year-to-date, Pepe rallied over 1,600% as the second-best performer in the top 100 cryptocurrencies, followed by the Solana-based Dogwifhat
$WFI meme token, which is up 1,400% as the third-best performer.
Memecoin trading carries significant volatility. During the $1.7 billion crypto market liquidation on Dec. 10, some top memecoins emerged as the worst-performing tokens.
