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Savvy investors and NFT influencers have capitalized on the recent memecoin hype to generate substantial profits. However, those who focused exclusively on Pepe Coin (PEPE) have generally succeeded, while those who diversified across multiple assets have seen less success.
Despite recent price volatility, the trending memecoin remains attractive to crypto whales and NFT traders. Some users have sold digital art from the Bored Ape Yacht Collection (BAYC) below floor price specifically to acquire PEPE.
Betting on Memecoins Can Be Tricky
On-chain analytics firm Lookonchain recently analyzed the performance of eight NFT influencers who invested in popular memecoins such as PEPE, GENSLR, KEK, and TURBO. Two of them, known as “Vince_Van_Dough” and “ohhshiny,” profited by trading only the frog-themed asset.
Vince_Van_Dough spent $167,000 worth of ETH to purchase 96 billion PEPE tokens and later sold the holdings for $174,000. Ohhshiny fared even better, buying 700 billion PEPE for 326 ETH (approximately $610,000). They subsequently sold 479 billion PEPE for nearly $1 million, retaining the remainder.
Zeneca generated a $14,000 profit after investing in TURBO, an AI-related memecoin that saw its price and market capitalization peak earlier in the month.
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Conversely, NFT influencers ColeThereum, dingalingts, and boredGenius incurred losses after diversifying across multiple assets. ColeThereum invested in more than a dozen memecoins, resulting in a total loss of $3,365.
Dingalingts lost approximately $16,000 trading FOUR, THEND, TURBO, and COPE, while boredGenius lost over $7,000.
PEPE Remains a Trend
Launched in mid-April, the memecoin quickly gained momentum, emerging as one of crypto’s top performers in recent weeks. The frenzy surrounding PEPE was so intense that its market capitalization surpassed $1.6 billion in early May (according to CoinMarketCap data), with some investors securing significant profits from its near-daily all-time highs.
However, the token’s price dropped over the past seven days, suggesting the hype may be cooling. Nevertheless, certain crypto whales disagree with this assessment and continue to accumulate.
One user who previously made $2.2 million from the memecoin spent $2.1 million to repurchase PEPE. Another investor exchanged nearly 400,000 APE tokens for approximately 750 million PEPE.
As CryptoPotato reported earlier this week, the asset’s daily trading volume remained unmatched in the memecoin sector for over a week. Data from yesterday showed PEPE’s 24-hour volume exceeding $350 million, with DOGE in second place at $214 million. Today’s figures also favor the frog-themed coin, albeit with a narrower lead.
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