30s Summary

An anonymous trader earned $52 million from a $27 investment in Pepe memecoin over 600 days, according to blockchain group Lookonchain. Memecoins have made numerous individuals exceedingly wealthy, despite their apparent lack of practical use. With a 1,600% increase in value in 2024 alone, Pepe memecoin is the second-highest performing cryptocurrency of the year. However, the notoriously unstable nature of these coins means they are not for the risk-averse, especially after leading memecoins took a hit in the $1.7 billion crypto market crash in December. Still, some crypto enthusiasts believe Pepe has growth potential.

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Some lucky person just turned a measly $27 investment into a whopping $52 million, all thanks to Pepe memecoin, says the blockchain analytics group Lookonchain.

An anonymous Pepe trader made this huge profit, Lookonchain disclosed in a post on December 14. They quoted, “This PEPE whale lay low for 600 days before shifting 2.1T $PEPE (equal to $52M in cash) to a different address… From a $27 to an insane $52 million — a remarkable 1,900,000x return!”

Believe it or not, these memecoins, which don’t seem to have any practical use, have made a lot of people millionaires. Just in May, another shrewd trader managed to convert $3,000 into $46 million trading the same Pepe token – a return on investment over 15,700 times.

The Pepe memecoin has soared 1,600% this year alone, making it the second-best performing crypto of 2024. It’s outperformed only by the Mantra (OM) governance token, which skyrocketed over 16,600% in 2024.

However, trading in these memecoins is not for faint-hearted, they’re notoriously volatile. When the $1.7 billion crypto market crashed on December 10, some leading memecoins were the biggest losers. But despite such risks, some crypto buffs are predicting that Pepe has more room for growth.