Can a Meme Coin Make You Rich?
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People can get rich from meme coins or at least make some money from it, if they buy in before the meme coin has gone viral, and sell to take profits instead of holding on. For example, by buying $11.87 worth of Shiba Inu (SHIB) when it just launched in 2020, an investor could have become a meme coin millionaire within 1 year and 3 months.
That said, meme coins are a very risky type of crypto because they are based on Internet cultural references. In other words, the price movement depends on whether the meme coins can stay relevant by driving hype or support among the community, and lack fundamental value.
An investor would have needed $66,298.25 on average to become a meme coin millionaire, according to an analysis of 10 meme coin price returns. To reach $1 million in meme coin holdings, the minimum initial investment that is needed ranges from $11.87 for Shiba Inu in 2020, to $190,585.57 for ArbDoge AI (AIDOGE) in 2023.
Someone buying into the first meme crypto Dogecoin on December 15, 2013, would have needed to put in $819.51 to become a millionaire. This is much higher than the amount needed to be a Shiba Inu millionaire, but the initial investment to become a Dogecoin millionaire can still be considered relatively affordable, for those with middle income and moderate risk tolerance.
Investors who only caught onto the meme coin hype in 2021 would have had to buy & least $4,507.98 worth of FLOKI (FLOKI) to reach millionaire status.
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Becoming a meme coin millionaire with Dogelon Mars (ELON), Bonk (BONK) or Baby Doge Coin (BABYDOGE) would have been much more expensive. An investor would have had to put between $20,838.51 to $28,297.05, to reach $1 million in either of those 3 meme coins.
With the exception of the smaller cap crypto Ignore Fud (4TOKEN), the latest meme coins launched in 2023 require a much higher initial investment to turn into $1 million.
Pepe (PEPE), Wojak (WOJAK) and ArbDoge AI (AIDOGE) have seen the lowest percentage price returns so far, from the hypothetical purchase date to the all-time high date. As a result of the comparatively modest price gains between 424.7% to 531.7%, an investor would have needed upwards of $158,311.50 to become a 2023 meme coin millionaire.
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