30s Summary

A cryptocurrency trader has successfully turned a $27 investment on the Pepe memecoin into a $52 million fortune, revealed by Lookonchain. Despite being seen as having no practical use, memecoins have been greatly profiting crypto investors, exemplified by Pepe’s 1,600% rally this year. Meanwhile, the Dogwifhat meme token, from the Solana network, recorded a 1,400% rise. However, the Mantra governance token outperformed them with a 16,600% gain in 2024. Despite memecoins’ volatility, their success is often viewed as a reaction to the younger generation’s dissatisfaction with the traditional financial system.

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A cryptocurrency trader has somehow transformed a meager $27 bet on the Pepe memecoin into a stunning $52 million jackpot, as revealed by blockchain data company Lookonchain.

An anonymous trader just pulled off the deal of their life, flipping a small fortune into an outlandishly huge payday, according to a recent post by Lookonchain. They quoted, “A Pepe enthusiast dormant for 600 days moved their entire stash of 2.1 trillion Pepe (worth $52 million) to a new address… From $27 to $52 million — a stupefying 1,900,000x return!”

Even though these memecoins don’t have any practical use, they’ve been making quite a few new millionaires in the crypto crowd. For instance, back in May, another smart trader banked a cool $46 million from a $3,000 Pepe token investment, showing a whopping 15,700-fold return on investment.

Pepe has been on a rampage this year, rallying 1,600%, grabbing the crown as the second-best performer among the top 100 cryptocurrencies. Right behind it, the Dogwifhat meme token, birthed from the Solana network, has risen by 1,400%, securing itself the third position.

Despite the impressive run from these meme tokens, the Mantra governance token has swooped in and stolen the show, with a stunning 16,600% gain in 2024, according to data from Cryptobubbles.

While predicting the trend of these memecoins using technical analysis can be hit or miss, some crypto enthusiast are expecting even more growth for Pepe. Some believe that Pepe might become the next big thing, similar to how Dogecoin was in its bull run, earning it the title of “king of the cycle,” says Max Schwartzman, CEO of Because Bitcoin.

Many believe the fast-paced success of memecoins is a reflection of the younger generation’s frustration with the current financial system. Hao Yang, the head of financial products at Bybit, compares the success of memecoins to that of punk rock, “a symbol of young investors dissatisfied with a financial world that has failed to offer them the opportunities their parents had,” says Yang.

Trading in memecoins can, however, be a roller coaster ride. During the $1.7 billion crypto market liquidation back on Dec. 10, some top memecoins turned out to be the worst performers.