Savvy investors and NFT influencers have used the recent hype around Memecoin as an opportunity to make solid profits. However, most of those who have made money on such investments have only dealt with Pepe Coin (PEPE), while those who have diversified with more than one have not been successful.
Despite its recent price fluctuations, the now-trending memecoin is still intriguing to crypto whales and NFT traders. Some users have sold digital art portions of the Bored Ape Yacht Collection (BAYC) for less than the floor price in order to purchase PEPE.
Betting on Memecoins Can Be Difficult
Recent Chain View revealed How four out of eight NFT influencers did when investing in popular memecoins like PEPE, GENSLR, KEK, and TURBO. Two of them, known as “Vince_Van_Dou” and “OhShiney”, only made money after dealing with the frog-inspired digital asset.
The former spent $167,000 worth of ETH to buy 96B PEPE and the latter sold the stash for $174K. “ohshine” was even more fortunate, buying 700B PEPE for 326 ETH ($610K). He then partnered with 479B PEPE for about $1 million and kept the rest.
For his part, “Zeneca” made $14K after investing in Turbo – an AI-related memecoin whose value and market capitalization peaked at the beginning of the month.
On the other hand, NFT influencers “coltherum,” “dinglings,” and “boredgenius” posted some losses after diversifying into multiple assets. “Coaltherium” invested over a dozen memecoins and lost a total of $3,365.
“dingalingts” parted with nearly $16,000 after trading FOUR, THEND, TURBO, and COPE, while “boredGenius” lost over $7,000.
PEPE is still a trend
Memecoin, which launched in mid-April, quickly gained steam and has emerged as one of crypto’s best performers over the past few weeks. The craze for it was so high that its market cap crossed $1.6 billion in early May (CoinMarketCap data), while some investors made handsome profits from its near-daily ATH.
However, the price of the coin has dropped over the past seven days, indicating that the hype is over. Some crypto whales did not support that thesis and continued to accumulate.
As crypto potato As reported earlier this week, the daily trading volume of the asset has been unbeaten in the Memecoin sector for over a week. Yesterday’s data showed that PEPE’s 24-hour volume surpassed $350 million, while DOGE was second with $214 million. Today’s numbers also favor the frog-themed coin, though with less lead.
Special Offer (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.