Dogecoin killers or hype: are traders still making millions on meme coins?

As a seasoned crypto investor with several years of experience in this volatile market, I’ve seen my fair share of successes and failures. Meme coins have always been an intriguing yet risky sector within the crypto world. While they can bring substantial profits for some, they are not for everyone.

Meme coins continue to generate profits for some investors, but not for everyone. reached out to investors to learn about their earnings from the meme coin craze.

As a financial analyst, I’ve observed an extraordinary growth in the meme coin market during the first quarter, with an average return of 1,313%. Surprisingly, this sector shows no signs of slowing down, generating substantial profits for traders in the millions.

Dogecoin killers or hype: are traders still making millions on meme coins?

Huge positive price waves in a matter of days or weeks are natural. But what is this all about? 

What are meme coins?

As a cryptocurrency analyst, I’d describe meme coins as digital currencies that gain mass appeal based on their connection to popular internet memes and viral campaigns across social media platforms. Initially conceived as humorous projects with no tangible use case, they thrive on the buzz generated online.

The initial and well-known digital currency was Dogecoin (DOGE), introduced in 2013 inspired by the widespread Shiba Inu dog meme. Originally created as a lighthearted imitation of Bitcoin (BTC), DOGE eventually amassed a market value exceeding one billion dollars.

As a crypto investor, I’d describe it this way: Meme coins set themselves apart from established cryptocurrencies like Ethereum (ETH) or Bitcoin in several key aspects. Firstly, they don’t possess any inherent value or emission limitations. Their worth is entirely dependent on the hype and demand generated by social media trends and internet culture, making them highly volatile.

Lately, meme coins have been given more importance beyond just being a joke or trend. For instance, the teams behind Shiba Inu (SHIB) and FLOKI are developing metaverses, NFT markets, and learning environments centered around these digital currencies.

Million-dollar profit — this year’s trend

As a researcher studying the meme token market, I’ve observed an impressive growth rate in the number of issued tokens. Traders have capitalized on this trend, earning substantial profits. Nevertheless, this success is often fleeting and unpredictable. In the long term, as internet popularity wanes, the value of most meme coins is likely to approach zero.

It’s likely that individuals making fortunes from meme tokens possess insider knowledge. Else, how could these traders and investors accurately predict the sudden price surges for specific meme coins? editors conversed with anonymous profit-makers for this piece.

Frog Investments

Enthusiasts of the PEPE cryptocurrency are elated as the frog token reaches a fresh record-breaking price peak. Remarkably, one individual disclosed his initial investment of $90 has ballooned into a substantial gain of $1.4 million.

Around the 14th of April, 2023, an individual investor bought approximately 6.5 trillion PEPE units from Uniswap’s crypto exchange platform in a playful manner. Given the insignificant initial investment, the investor opted to keep the tokens unsold and observe any potential developments instead.

In May 2024, the decision to invest in 6.5 trillion PEPE proved to be highly profitable, resulting in a million-dollar fortune for the anonymous trader. Yet, Mina, a fellow user, expressed no intention of selling their PEPE tokens and remains optimistic that the price of the frog coin will surge above the dollar mark in the future.

At times, I’m tempted to cash in on my PEPE tokens, but I resist the urge as a reminder not to act impulsively. The meme coin sector remains volatile, with potential for significant growth. My PEPE could potentially become worth a billion dollars within the next year.
Mina, anonymous trader

Strong belief in dogs and love of hats

A trader from the Telegram community of the meme coin Dogwifhat (WIF) narrated a remarkable experience of financial gains. In contrast to the popular tales of traders whose coins surge a thousand-fold within an hour, this scenario is distinctive.

An unidentified investor adopted a distinct approach – holding on to their assets (HODL). They procured Solana’s native token, SOL, back in December 2023. Subsequently, they assessed the bustling activity across the Solana blockchain and examined the potential expansion of the cryptocurrency market.

Considering the potential risks, the trader purchased around $500 in tokens with the hope of witnessing more development. Consequently, this investment brought him approximately $15,000 in profits without lifting a finger – all from holding these assets on his account.

“Anecdotes abound of traders amassing huge fortunes from a mere hundred dollars’ investment in the crypto sphere. Yet, as an engaged member of this community, I often encounter such tales as more of an anomaly than the norm. The meme coin market remains shrouded in complexity and ambiguity, leading me to suspect that these inspiring trader success stories might actually involve insider information.”

Meme coin community member

More conservatism 

A crypto community user named Andilet issued a word of warning about investing in meme coins and proposed a method for spreading investments. He suggested allocating 10% of one’s cryptocurrency holdings to higher-risk, unpredictable assets, such as meme coins.

Given the considerable risk involved, investing a portion of the portfolio in meme coins appeared justifiable due to their potential for substantial returns.

As a researcher studying the meme coin market, I can tell you that forecasting its long-term behavior poses a significant challenge. The reason being, the value and popularity of meme coins are largely influenced by hype. Predicting the intensity and longevity of this hype is an equally complex task.
Andilet, SHIB investor

In the summer of 2023, I invested a sum of approximately $5,000 in Shiba Inu, buying coins at a price of around $0.0000077 each. Currently, with SHIB trading at a rate of $0.000025 per coin, my initial investment has grown to a value of roughly $50,000.

In the realm of meme coins, it’s crucial to take an individualized perspective towards each project. By meticulously examining the specifics of each venture, you can make educated assumptions about its trends over the short and mid-term.
Andilet, SHIB investor

Summing up: to invest or not to invest?

As a researcher studying the world of cryptocurrencies, I cannot stress enough the significant risk associated with investing in meme coins. The potential rewards are substantial, driven by speculation, precise exit timing, and the possibility of striking it rich. However, there’s always the looming threat of total capital loss.

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2024-05-27 14:10