Memecoins have taken the cryptocurrency world by storm in the past weeks. With the launch of PEPE, WOJAK and other tokens, the memecoin sector has seen an unprecedented surge in value and trading volume driving the total market capitalization to the $19 billion mark.

While the rally has attracted many new participants to the market, it has also made traders betting a portion of their capital in hopes of becoming millionaires overnight. According to an analysis of 10 memecoin price returns conducted by Coingecko, on average, an initial investment of $66,298.25 will be necessary for potential investors to become a meme coin millionaire. The exact amount of money needed to become a millionaire will depend on the memecoin being purchased. For example, a minimum of $11.87 is needed to become a millionaire if investing in Shiba Inu (SHIB), while an eye-opening $190,585.57 is needed if investing in ArbDoge AI (AIDOGE).

Moreover, investors should take into consideration the inverse correlation between initial capital and the period of time it would take to become a memecoin millionaire. The classic memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) require a lower initial investment and more time to achieve millionaire status, while the 2023 memecoins will require a relatively high initial capital to be invested, but a shorter wait time.

Memecoins are, by nature, unpredictable and volatile, hence, potential investors need to do a lot of research before investing their capital. Leveraging decentralized exchange (DEX) trackers to track the tokens that have seen a spike in their trading volume/price can help investors identify opportunities for potential investments.

In conclusion, even though the potential to become a memecoin millionaire is present, it should be taken into consideration that the chances of achieving it rely heavily on investing funds in the right assets at the right time. As such, potential investors should be informed and cautious when deciding to enter the memecoin sector.



Other News from Today