A cryptocurrency trader reportedly made a whopping $52 million profit by investing $27 in the Pepe memecoin, according to blockchain analytics firm Lookonchain.
Cryptocurrency intelligence company Lookonchain revealed in an X post on December 14 that an anonymous Pepe (PEPE) trader made life-changing profits.
“After being dormant for 600 days, the $PEPE whale moved all 2.1T $PEPE ($52M) to a new address… from $27M to $52M, a massive 1,900,000X return!”
Savvy Pepe merchant deals. Source: Lookonchain
Despite having no intrinsic utility, memecoins have created many new millionaires among cryptocurrency investors. In May, another skilled trader turned $3,000 into $46 million through Pepe token trading, earning a return on his investment of more than 15,700 times.
relevant: Analysts expect Ethereum to hit an all-time high in the first quarter of 2025.
Pepe is the second best cryptocurrency in 2024, up 1,600% YTD.
Memecoin has proven to be one of the best-performing cryptocurrencies this year based on returns.
PEPE-USDT, 1-year chart. Source: Cointelegraph
Year to date, Pepe is the second best performing cryptocurrency among the top 100, up over 1,600%, while the Solana-based Dogwifhat (WIF) meme token is the third best performer, up 1,400%.
The best cryptocurrency to date. Source: Cryptobubble.
However, the Mantra (OM) governance token has outperformed all memecoins, surging more than 16,600% in 2024, Cryptobubbles data shows.
relevant: PEPE Whale increased its investment by almost $5 million in one month.
Although technical analysis of memecoins is often inaccurate, some cryptocurrency traders predict more upside for Pepe.
Pepe may be the current bull market for Dogecoin (DOGE), which makes Pepe the “king of this cycle.” Because according to Bitcoin CEO Max Schwartzman:
PEPE and DOGE shapes. source: max
According to Hao Yang, Bybit’s head of financial products, the continued success of memecoins can be seen as a sign of the younger generation’s disappointment with the financial system.
“Memcoin’s success can be seen as a punk rock symptom of young investors becoming disillusioned as they see the opportunities given to them by their parents disappear,” Yang told Cointelegraph.
Memecoin trading involves significant volatility. During the liquidation of the $1.7 billion cryptocurrency market on December 10, some of the top memecoins emerged as the worst-performing tokens.
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