Traders can get rich off memecoins, or at least make some money off of them, if they buy in before it becomes a trend and sell for a profit instead of holding onto it. For example, an investor can become a memecoin millionaire within 1 year and 3 months by purchasing $11.87 of SHIB at the launch of a new project.
Therefore, memecoin is a very dangerous cryptocurrency because of its dependence on internet culture. In other words, price action depends on whether they can remain relevant through hype or public support, and thus lack fundamental value.
How much does it cost to become a memecoin millionaire?
Based on a profit analysis of 10 projects, an investor needs an average of $66,298 to become a memecoin millionaire. The minimum initial investment required to hold $1 million ranges from $11.87 in SHIB to $190,585 in ArbDoge AI (AIDOGE).
Memecoin Millionaire has a low initial investment
It would cost $819.51 to become a millionaire by purchasing the first DOGE token on December 15, 2013. This figure is much higher than the amount required to become a Shiba Inu millionaire, but the initial investment in Dogecoin to become a millionaire can still be regarded as relatively modest, for people with moderate income and moderate risk tolerance.
Investors catching on to the memecoin hype in 2021 must purchase at least $4,507 of FLOKI to achieve millionaire status.
Memecoin millionaire has higher initial investment
It will take more money to become a memecoin millionaire using Dogelon Mars (ELON), Bonk (BONK) or Baby Doge Coin (BABYDOGE). Investors would have to spend between $20,838 and $28,297 to get $1 million in one of the three aforementioned memecoins.
Apart from small-cap cryptocurrencies like Ignore Fud (4TOKEN), the newest memecoins launching in 2023 require higher initial investments to reach $1 million.
Pepe (PEPE), Wojak (WOJAK) and ArbDoge AI (AIDOGE) have seen their lowest price returns from assumed purchase dates to all-time highs to date. With a relatively modest price increase from 424.7% to 531.7%, investors would need as much as $158,311 to become a memecoin millionaire in 2023.
How long does it take to become a memecoin millionaire?
Investors can become memecoin millionaires in less than 1 year or an average of 361 days. The fastest, a BONK investor only needs 7 days to turn 26667 into 1 million US dollars. At the latest, it took Dogecoin 2,701 days or almost 7.5 years to raise $819.51 to $1 million.
Among the memecoins in 2021, Dogelon Mars has seen the fastest price increase, going from $20,838 to $1 million in just 19 days. FLOKI and Baby Doge Coin took longer, 4 months and 7 months respectively.
Especially for the 2023 memecoin, Pepe, ArbDoge AI, Wojak and Ignore Fud are likely to exceed their current all-time highs. While it may take a long time to reach higher prices, it also means a lower initial investment is required to become a millionaire in this memecoin.
BONK’s exponential price pump remains the fastest of the memecoins.
Which memecoin is the most successful?
Shiba Inu is the most successful memecoin in terms of price gains, with a peak gain of 8,424,202.3% from its starting price on August 1, 2020.
On the other hand, DOGE is the most successful memecoin in the long run, as a pioneer project in this category since 2013.
The next big memecoin in 2023?
Pepe, ArbDoge AI, and Wojak are some of the most high-profile companies launching this year and some of the hottest cryptocurrencies of late. Ignore Fud is a new memecoin that goes live in 2023 and has seen a huge price increase since then.
However, since memecoins are driven by social stories, it is almost impossible to be sure that these 4 projects can continue to grow and remain the largest by the end of the year.
While it’s not known which memecoin will hit the ground running next, traders can turn to tools like decentralized transaction trackers. The small tokens that can be found on these trackers offer the ability to buy early.
How many memecoins are there?
There are currently 179 coin memes being tracked on CoinGecko. As of May 4, 2023, the three memecoins entering the top 100 cryptocurrencies by market capitalization are DOGE, SHIB, and PEPE.
The study examines several significant and illustrative returns in the price of memecoins over time based on CoinGecko data: DOGE, SHIB, PEPE, BABYDOGE, FLOKI, ELON, AIDOGE, WOJAK, BONK, 4TOKEN.
The hypothetical buy date above is taken from the beginning of the data, and the hypothetical sell profit date is the date up to the all-time high on April 5, 2023.
Research is for illustrative and informative purposes only and is not financial advice. Do your own research and be careful when investing your money in memecoin or any other cryptocurrency or financial asset.
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