A crypto investor turned their $3,000 bet on something called Pepe Coin into a huge win in just one month! Their money grew by more than 15,000 times, which means they made a total of around $46 million.
Someone made a huge $46 million from just $3,000 by trading a digital coin called Pepe Coin. This has got people wondering if there will be another big craze for these fun, meme-based coins, like what happened with GameStop stock a few years ago.
PEPE Coin: Trader Makes Crazy Money in One Month
Imagine turning $3,000 into $56 million! That’s what happened to a lucky trader who bought a digital thing called PEPE Coin for just $3,000 in April. The value of PEPE Coin has skyrocketed, making that small investment worth over $56 million now. The trader sold some PEPE coin for a cool $7.4 million but still has a bunch left, worth about $38.9 million according to some online info.
Pepe coin is now the third-biggest memecoin, worth $4.5 billion. It’s behind Dogecoin and Shiba Inu (SHIB). Pepe’s value has gone up by more than 40% in the last week.
Memecoins Show How Disillusioned the Generation Feels
Hao Yang, who leads financial products at Bybit exchange, compares memecoins’ recent success to how Punk music became popular despite criticism at first. He says both are driven by younger generations feeling disillusioned.
Is GameStop’s GME stock helping memecoins grow?
Pepe’s value going up a lot might have to do with GameStop’s stock getting popular again. GameStop’s stock price started going up on May 13 because Keith Gill, who’s known for starting the big GameStop stock jump in 2021, came back to social media after a break of almost three years.
On May 13, Pepe coin’s value reached a new highest point, above $0.000010, right when Gill came back online. GameStop’s stock went up by more than 111% within 24 hours of Gill’s return. In just one day, GameStop’s stock did better than Bitcoin’s returns for the whole year.
Xiaohan Zhu, the CEO of Meter, thinks the rise in GameStop’s stock is probably why Pepe’s value went up too. Zhu said this to Cointelegraph.
“The GME saga may be one of the factors contributing to PEPE coin’s momentum. I attribute the recent board drop in crypto primarily to profit-taking and numerous large-scale projects getting listed on exchanges and thus absorbing much of the market’s liquidity.”
It’s hard to know exactly when memecoins will start gaining a lot, but some traders think that the money people made from GameStop will go into other cryptocurrencies, just like it did in 2021.
A post by crypto analyst CryptoAmsterdam on May 14 suggests that the big rise in altcoins in 2021 happened shortly after the GameStop rally. They pointed to charts below to support this idea.
Aleksandra Artamonovskaja, who heads art at TriliTech, Tezos, thinks that not every memecoin will benefit from the GameStop event. However, she believes Pepe has a good chance to go up even more because its story is relatable to regular investors who got excited about GameStop.
“Beyond being the most recognized meme on the internet, Pepe is a culture of its own and symbol against the establishment, symbol of freedom and hope – a relatable narrative of the GME saga.”
Xiaohan Zhu, the CEO of Meter.
Here’s what she told Cointelegraph:
Thanks for reading about the latest news on Pepe coin!
