While very volatile, cryptocurrencies offer some of the highest potential returns in investing, especially with assets like meme coins.
The potential of meme coins to turn a small investment into a fortune was on full display recently.
As per on-chain monitoring and analytics firm Lookonchain, one trader recently turned $462 into $3.4 million in Pepe (PEPE).
An early buyer of $PEPE deposited all 182.9B $PEPE($2.53M) into #Binance 6 hours ago.
This guy spent 0.22 $ETH($462) to buy 324.9B $PEPE on Apr 15, 2023 and sold it all for $3.4M.
He was lucky enough to turn $462 into $3.4M, a gain of 7,368x!
Address:https://t.co/o4UcGKVHEh pic.twitter.com/zq03iGzcAe
— Lookonchain (@lookonchain) May 22, 2024
The trader was an early PEPE buyer, bagging 324.9 billion PEPE for just 0.22 ETH on April 15 2023.
He sold 42 billion PEPE back in July 2023, another 100 billion on May 4. He moved the last batch (182.9 billion PEPE) to Binance on May 21, presumably to be sold.
In total, he bagged $3.4 million. As noted by Lookonchain, that’s a 7,368x gain.
Traders should note, bagging such gains with a meme coin is exceedingly rare.
Just as meme coins can deliver big upside, they can also shed value very quickly.
Traders should always make sure to understand what meme coins are and how they work before investing.
PEPE: Already 2024’s Best Meme Coin?
Pepe (PEPE) first appeared in April 2023 and enjoyed a stunning start to life.
Within one month, it had already secured a listing on Binance. And despite some of its creators dumping tokens, its been able to maintain and grow its community ever since.
And 2024 is already shaping up to be another massive year for PEPE.
PEPE hit fresh all-time highs above $0.000017 earlier this week. At its current price of $0.00001481, it is around 950% higher on the year.
A big chunk of these gains have come in May, with Pepe up 120% so fr on the month.
Roaring Kitty’s surprise return to social media earlier this month help kick things off.
PEPE gained further momentum last week following the surprise approval of Ethereum ETFs by the SEC.
As a leading Ethereum-based meme coin, PEPE could be a major beneficiary of Ethereum ecosystem growth as institutional investors arrive.
Pepe currently has over 226,000 holders. Its X following recently exceeded 600,000. Pepe is without a doubt staking its claim to be 2024’s best meme coin.
PEPE Alternative to Consider – PlayDoge (PLAY)
Some crypto traders might prefer to buy a token early at a presale rather than invest in established meme coin names.
While riskier than established tokens, meme coin presales can result in significantly larger gains.
One new meme coin that analysts at Cryptonews.com think has a lot of potential is PlayDoge (PLAY).
PlayDoge isn’t just a meme coin. It powers a fun, mobile-based game and is thus packed with play-to-earn (P2E) utility.
Introducing #PlayDoge – the only #P2E Doge companion!
Inspired by the legacy of #Tamagotchi, feed, train and play with your 2D Doge to earn $PLAY.
Don’t neglect your doge, his life’s on the line #Presale Now Live! pic.twitter.com/qV3WOdRTEo
— PlayDoge (@PlayDogeGame) May 28, 2024
The crypto presale has already raised over to $357,000 despite only just launching.
At $0.005, PLAY is launching with a modest market cap of under $50 million.
Depending on how its game gains traction, PLAY could be one of the best meme coin plays this cycle.
The post Trader Turns $462 into $3.4 Million Thanks to PEPE appeared first on Cryptonews.