Related: Friday’s US inflation report may catalyze a Bitcoin April rallyMemecoins “don’t tend to draw in much external capital flow; instead existing eco-system capital ‘round-robins’ from one meme to the next,” Dan Hughes, founder of the decentralized finance platform Radix, told Cointelegraph, adding:“Even in the case of TRUMP, most of the inbound liquidity was outflow from other crypto assets, people selling their crypto portfolio to buy TRUMP in extreme FOMO [fear of missing out].”SOL/USDT, 1-day chart.
Related: $1T stablecoin supply could drive next crypto rally — CoinFund’s PakmanMemecoins are stealing the spotlight from altcoinsDespite their intrinsic lack of utility, memecoins continued to steal the spotlight from more established cryptocurrencies, Stella Zlatareva, dispatch editor at digital asset investment platform Nexo, told Cointelegraph:“High-beta, i.e., volatile tokens, are stealing the spotlight.
The trader made an over 4,700-fold return on investment on the popular frog-themed Pepe (PEPE) cryptocurrency, according to blockchain intelligence platform Lookonchain.“This OG spent only $2,184 to buy 1.5T $PEPE($43M at the peak) in the early stage.He sold 1.02T $PEPE for $6.66M, leaving 493B $PEPE($3.64M), with a total profit of $10.3M(4,718x), Lookonchain wrote in a March 29 X post.
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Author / Journalist: Cointelegraph by Zoltan Vardai
The story "Crypto trader turns $2K PEPE into $43M, sells for $10M profit" has 404 words across 15 sentences, which will take approximately 2 - 4 minutes for the average person to read.
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