This article comes from Coingecko, the original author: Lim Yu Qian, compiled by Odaily translator Katie Ku.
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Can I "get rich" by buying Meme Coin?The recent PEPE has been on the hot topic list, which has changed the "tepid" market situation and rekindled the dream of users to get rich overnight with Crypto.
According to the latest news, PEPE 24 H rose by nearly 100%, and the currency price hit a new high.
If buyers buy Meme Coin before it becomes popular and give up short-term profit opportunities and continue to hold, the chances of getting rich from Meme Coin will be greatly increased. For example, an investor could become a Meme Coin millionaire in 1 year and 3 months if he bought Shit Coin (SHIB) for $11.87 when it first launched.In other words, price action depends on whether Meme Coin can remain relevant by driving hype or support from the community, which itself lacks fundamental value.
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Based on an analysis of 10 Meme Coin price returns, an investor would need an average of $66,298.25 to become a Meme Coin millionaire. The minimum upfront investment required to reach $1 million in Meme Coin holdings ranges from $11.87 at Shiba Inu to $190,585.57 at ArbDoge AI (AIDOGE).
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Meme Coin Millionaire With Low Upfront Investment
Investors who only got on board the Meme Coin hype in 2021 would have to buy at least $4507.98 worth of FLOKI (FLOKI) to become millionaires.
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Meme Coin Millionaires with High Upfront Investments
Becoming a Meme Coin millionaire by purchasing Dogelon Mars (ELON), Bonk (Bonk) or Baby Doge coin (BABYDOGE) involves investing more money upfront. Investors would have to put in between $20,838.51 and $28,297.05 to double up and become a millionaire in any of the three Meme Coins.
Pepe (Pepe), Wojak (Wojak) and ArbDoge AI (AIDOGE) have by far the lowest price returns for the range from the assumed purchase date to the all-time high price date. Due to the relatively modest price increase between 424.7% and 531.7%, investors would need to invest more than $158,311.59 to become a Meme Coin millionaire in 2023.
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How Fast Can You Become a Meme Coin Millionaire?
Investors can become Meme Coin millionaires in less than a year. In the fastest case, investors in Bonk tokens can go from $26,667.85 to $1 million in just 7 days. In the slowest case, it took Dogecoin 2,701 days, or nearly 7 and a half years, to rise from $819.51 to $1 million.
Among the 2021 Meme Coins, Dogelon Mars has seen the fastest price growth, going from $20,838.51 to $1 million in just 19 days. FLOKI and Baby Doge Coin took much longer, 4 and 7 months respectively.Bonk's exponential price still holds the record for fastest growth among Meme Coins.
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What are the most successful Meme Coins?
Dogecoin, on the other hand, has been the most successful Meme Coin in the long run and has been “synonymous” with Meme Coin since 2013.
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What is the next Meme Coin that will bring "opportunity to get rich" in 2023?
Pepe, ArbDoge AI and Wojak are the largest market cap Meme Coins launched this year and have been among the hottest cryptocurrencies of late. Ignore Fud is another new Meme Coin for 2023 with a strong price increase since its launch.
While no one knows what the next big meme coin will be, traders may turn to tools like decentralized crypto exchange trackers. Small cap Meme Coin can be found on these trackers, giving users an early buy-in opportunity.
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How many Meme Coins are there in the market?
Currently, there are a total of 179 Meme Coins tracked on CoinGecko. As of May 4, 2023, three Meme Coins have entered the top 100 by market capitalization, namely Dogecoin, Shiba Inu, and Pepe.
This article examines the price returns of some Meme Coins over time, based on data from CoinGecko. The above hypothetical purchase date is taken from the earliest available data on the day, and the hypothetical selling realization date is the all-time high price on May 4, 2023.
