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An unknown trader turned a $27 bet on the Pepe meme cryptocurrency into $52 million after laying low for 600 days, according to data from Lookonchain. Another investor earlier in May converted a $3,000 punt on Pepe token into $46 million. The Mantra (OM) governance token, a meme coin, has outperformed every meme-coin, soaring over 16,600% in 2024, per Cryptobubbles data. Yet, the unpredictable price swings of meme coins make trading them high risk. During the $1.7 billion crypto market crash in December, various significant meme coins were among the worst performers.

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A cryptocurrency fan seemingly turned a measly $27 punt on the Pepe meme coin into a mind-blowing $52 million, data from blockchain tracker Lookonchain shows. Somehow, this unknown Pepe trader managed to score life-changing profits, Lookonchain revealed in a post made mid-December. They said: “This Pepe whale had been off the radar for a whopping 600 days before shifting all 2.1T Pepe (that’s $52 million!) to a new location… So they went from just $27 to a staggering $52 million – that’s an insane gain of 1,900,000x!”

Even if they don’t appear to serve much real-world use, meme-coins have catapulted ordinary crypto punters into millionaire status. For instance, earlier in May, one sharp-eyed investor managed to turn a $3,000 bet on Pepe token into a mouthwatering $46 million, representing an incredible 15,700-times return on their initial stake.

Meme-coins have consistently been some of the high-flying performers in the crypto space based on their returns. For example, Pepe’s price has surged by over 1,600% since the start of the year, making it the second-best performer among the top 100 cryptos. Following closely behind is the Doge-related WIF meme token, with gains of 1,400%. The Mantra (OM) governance token outshines all meme-coins, with its price rocketing over 16,600% in 2024, as per Cryptobubbles data.

Predictions on meme-coin prices aren’t always accurate, but some crypto traders are hopeful of more gains for Pepe. According to Max Schwartzman, the founder of Because Bitcoin, Pepe could be the Dogecoin of the current crypto bull cycle, and therefore “the king of this cycle”.

The success of meme-coins begins to make sense when viewed as a sign of younger people’s discontent with the current financial system, says Hao Yang, chief of financial products at Bybit, an online cryptocurrency exchange. He draws an interesting comparison: “The popularity of meme coins can be seen as the same as punk rock, a symptom of disillusionment from young people who have noticed vanishing opportunities that were open to their parents.”

However, remember that trading meme-coins can be quite risky due to their wild price swings. For instance, during the $1.7 billion crypto market crash on Dec. 10, several prominent meme-coins ended up among the worst performers.