The Bitcoin price hit a new yearly high of $65,000 on Monday, giving fresh legs to the ongoing meme coin rally.
According to CoinMarketCap, the meme coin market capitalization witnessed another 18% surge today, now standing over $51 billion. The asset class also experienced a 50% bounce in its daily trading volume.
Top meme coins Dogecoin and Shiba Inu witnessed a significant bounce, rallying by 15% and 17% respectively on Monday. However, they were once again outperformed by the Pepe coin, which has now extended its weekly gains to over 400%.
The PEPE price remains in price discovery as it continues to push towards new highs. Today on Monday, Pepe coin recorded a new all-time high of $0.0000075 with a market capitalization of $3.1 billion.
Top Solana meme coin Bonk also continues to impress, recording a new all-time high on Monday as well. Bonk’s peak price now stands at $0.000035 with a market capitalization of $2.3 billion.
Pepe and Bonk have already turned several small-scale investors into meme coin millionaires. However, analysts believe that newer Ethereum and Solana meme coins such as Smog and Meme Kombat will also offer similar opportunities in the coming weeks.
How This Pepe Investor Turned $3000 To $33 Million?
There are stories abound of Pepe coin producing meme coin millionaires through its meteoric ascent. The story of pseudonymous trader “dimethyltryptamine.eth” - who turned $251 into $11 million in May of 2023 - is now a part of Pepe folklore.
On-chain data analytics platform Lookonchain has revealed another small-scale trader who became a millionaire with Pepe. The trader invested $3000 into PEPE in April of 2023. Even after selling $2 million worth of his holdings, he is currently the 13th largest holder of the frog-based meme coin, worth over $30.8 million.
In total, this investor enjoyed a staggering 11,077x return on his Pepe investment.
Similarly, another smart-money trader accumulated BONK for over 10 months, receiving a total profit of over $9 million after Binance listed the meme coin on its platform.
However, in both the cases, the key for the traders was to invest in their respective meme coins early and reap the profits after the price explodes.
Is It Too Late To Invest In Pepe And Bonk?
Over the past month, no cryptocurrency has witnessed more growth than the Pepe coin, which has surged by 700% over the period. Bonk has showcased an impressive 200% rally of its own.
Smart-money traders remain bullish on these large-cap meme coins, especially since investors are trading them as beta bets on their respective blockchains. Indeed, Pepe has been acting as “leveraged ETH” and Bonk as “leveraged SOL”, both benefiting tremendously from the price growth of their respective Layer-1 tokens.
However, it is extremely unlikely that Pepe will turn small-scale investors into meme coin millionaires, owing to its high valuation. Even if Pepe flips Shiba Inu to become the second-largest meme coin, it would only generate 5x returns for investors buying today.
Which Meme Coins Could Make The Next Meme Coin Millionaires?
The key for investors remains investing in new meme coins with low market capitalization. For instance, analysts such as Franklin Emmanuel and Jacob Bury have identified Smog as a meme coin that could potentially generate 1000x returns.
Smog is a Solana meme coin that aims to follow in the footsteps of Bonk, Wen and Myro. The token launched on 7th of February on the Jupiter exchange at a listing price of just $0.001419. Today on 4th of March, $SMOG is priced at $0.1179 - up 8200% from its launch.
Despite its explosive bull rally, Smog still has a market capitalization of just $75 million, significantly less than that of large-caps such as Pepe and Bonk. Furthermore, analysts believe that the best of Smog is still ahead, thanks to its ambitious airdrop campaign.
According to the project’s website, Smog promises “the greatest airdrop in Solana history”, which will reward over 10,000 community members. Investors simply need to hold $SMOG and complete daily quests on Zealy.
Additionally, Smog is a multi-chain meme coin - also available on Ethereum at a 10% discount. Investors who buy $SMOG with ETH can also stake their tokens to earn 42% APY.
Play-to-earn meme coin Meme Kombat is another token poised for a strong performance. It has raised over $10 million in its presale, thanks to its own AI-based Web3 game and lucrative staking rewards.
Additionally, Meme Kombat has revealed the identity of all team members behind the project, reducing the probability of scam and rug pull. Analysts such as Michael Wrubel believe that Meme Kombat could also generate 100x returns.
This new meme coin is set to launch on Uniswap on the 5th of March at 1800 CET.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
