Launched in April 2023, the Pepe memecoin quickly joined the top 100 cryptocurrencies. Since the start of the year, the latter has recorded an increase of more than 1,600%. Unsurprisingly, this allowed many investors to make significant profits.
- The Pepe token has seen an incredible rise in 2024, with an increase in value exceeding 1,600%, attracting investors with spectacular gains.
- One investor turned an initial investment of $27 into $52 million thanks to Pepe, illustrating the extraordinary and sometimes risky rise of memecoins.
From $27 to $52 million: the winning bet on Pepe
The Pepe lives marked the year 2024 with an impressive performance. Since the start of the year, it has recorded an increase of more than 1 600%making it one of the best performers among the top 100 cryptocurrencies.
As revealed by LookOnChain, an investor managed to transform an initial investment of 27$ in a colossal gain of $52 million. This feat was achieved thanks to a massive purchase of Pepe in April 2023, when the token was still at an extremely low price.
“A $PEPE whale that had been inactive for 600 days transferred all 2.1T $PEPE ($52M) to a new address. He bought 2.56T $PEPE with just $27 in April 2023. From $27 to $52 million – an extraordinary 1,900,000 times return! »
This story is not isolated. In May, another trader had already made headlines by transforming $3,000 in $46 million using the same token. These dazzling successes contributed to making Pepe one of the most popular cryptocurrencies of the year.
The new king of memecoins?
THE memecoinsthese cryptocurrencies based on Internet memes, experienced unprecedented growth in 2024. Among them, Pepe has established itself as one of the leaders, alongside classics like Dogecoin (DOGE).
Although these tokens are often criticized for their lack of intrinsic value, they have managed to capture the imagination of investors, especially younger ones. According to Hao Yang of Bybit, “ the success of memecoins is a symptom of a generation disillusioned with the traditional financial system ».
This popularity is partly explained by the very nature of memecoins, which play on nostalgia and humor. However, it also reflects a growing mistrust of traditional financial markets, perceived as inaccessible or unprofitable for small investors.
However, it is important to remember that memecoins are extremely volatile. So, while some can win millions, others can lose everything in a matter of hours. Indeed, in December, during a massive $1.7 billion liquidation in the crypto market, many memecoins saw their value drop drastically.
