The recent memecoin hype has provided a profitable opportunity for savvy investors and NFT influencers, with Pepe Coin (PEPE) being the most successful investment. However, those who diversified with multiple coins have had less luck.
Despite price fluctuations, the trending memecoin remains attractive to crypto whales and NFT traders. Some users have sold digital art from the Bored Ape Yacht Collection (BAYC) to buy PEPE.
Betting on Memecoins Can Be Tricky
According to Lookonchain, four out of eight NFT influencers who invested in popular memecoins, such as PEPE, GENSLR, KEK, and TURBO, made a profit. Those who only invested in PEPE, such as “Vince_Van_Dough” and “ohhshiny,” made the most money. For instance, “ohhshiny” purchased 700B PEPE for 326 ETH ($610K) and sold some of it for nearly $1 million.
On the other hand, those who diversified and invested in many memecoins, such as “ColeThereum,” “dingalingts,” and “boredGenius,” experienced losses. “ColeThereum” lost a total of $3,365 after investing in over a dozen memecoins, while “dingalingts” lost approximately $16,000 after trading FOUR, THEND, TURBO, and COPE, and “boredGenius” lost over $7,000.
PEPE Remains a Trend
Although its price has decreased in the past week, the memecoin launched in mid-April still has the attention of crypto whales. One user spent $2.1 million to repurchase PEPE after previously making $2.2 million on the coin, and another exchanged nearly 400,000 APE for almost 750M PEPE. PEPE’s 24-hour trading volume recently surpassed $350 million, beating other memecoins, including DOGE.