Extreme volatility is a hallmark of the cryptocurrency market, with frequent explosive bull runs of 1000%. Folklore now includes tales like the British man who delivered two pizzas for 10,000 Bitcoin tokens in 2010.
The meme coin market is one place where investors who missed out on large crypto assets like BTC and ETH are nonetheless having a great deal of success. One such meme token is Pepe, which earlier this year shocked the cryptocurrency community with a 10,000% bull run and made a few of small-time investors into millionaires in a matter of weeks.
In just two weeks, early Pepe investors became multi-millionaires.
One of the biggest success stories in the cryptocurrency market this year is Pepe coin. The “Pepe the Frog” joke served as inspiration for the token, which was released in April 2023 and experienced a 10,000% price increase in a matter of weeks.
It quickly rose to third place among meme coins, briefly crossing the $1.5 billion market valuation.
One of the first investors to profit on Pepe’s rapid ascent was pseudonymous trader dimethyltryptamine.eth. On April 15 of current year, he brought around 6 trillion $PEPE tokens, each valued just $251. Four days later, his Pepe holdings had increased by 4500 times to a value of nearly $1.14 million.
The trader made a total profit of 5,000,000% by May 5th after realizing earnings of $3.8 million and holding $9 million in unsold Pepe tokens.
Since then, in response to the adverse market environment, the fictitious trader has sold some of his holdings. He still possesses more over $2 million in Pepe currency, according to Arkham Intelligence, and he also has $328K invested in Ethereum.
Similar to this, an anonymous wallet spent $2100 on Pepe in April of this year, and by May 1st, the profit had risen to approximately $4.14 million. Another unnamed trader made nearly $5 million in earnings in just two weeks, with a 120,102x return on investment.
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Since then, Pepe has been adversely impacted by the pervasive bearishness in the cryptocurrency market. The token has fallen 25% just this month and is now 75% below its all-time high.
Pepe bulls, on the other hand, aren’t giving up and believe that the token will hit new highs as soon as the market turns positive. Pepe is expected to print a “god candle” soon after a few months of consolidation, according to well-known crypto analyst @MacnBTC, who has over 400K followers on Twitter and correctly predicted numerous prior bull runs.
While waiting for the next Pepe, many traders are now focusing on brand-new meme coins. Wall Street Memes and Sonik Coin are two such coins that are now gaining popularity.
Investors believe that Wall Street Memes’ $25 million raise suggests that this could be the next big meme coin.
Investors have been searching for the next big meme currency that can make them millionaires ever since Pepe’s 10,000% surge. As the new Wall Street Memes token appears to have all the makings of being the next meme currency phenomenon, some people think their wait may soon be over.
In a little more than three months since its ICO, the $WSM token has already raised almost $26 million. The token will now launch on numerous Tier-1 exchanges sometime in the coming month, according to the project.
Due in large part to its connection to the illustrious Wall Street Bets Reddit, which ignited the ground-breaking GameStop bull run in 2021, $WSM is enjoying a tremendous amount of community support.
The project’s developer team is also well-known in the Web3 industry; for example, their Wall St Bulls NFT collection sold out in a couple of minutes for a profit of $2.5 million.
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