The exponential gains of early Dogecoin (DOGE) and Pepe (PEPE) investors have fueled dreams of similar returns for today’s meme coin enthusiasts.
However, with most meme coins having reached peak popularity, the chances of 100x (or more) growth remain relatively slim.
In this article, we look back at the rise and subsequent fall of Dogecoin and Pepe before highlighting a new meme coin called Wall Street Memes (WSM), which shows promise of significant gains as it nears the end of its presale phase.
Dogecoin millionaire Glauber Contessoto shows huge faith amid price dip
When Elon Musk began referencing Dogecoin on Twitter in 2021, investor Glauber Contessoto opted to go all in, turning his $250,000 savings into over $3 million worth of DOGE.
Dubbed the “Dogecoin millionaire”, Contessoto refused to cash out because he believed that DOGE would finally reach the $1 level.
However, this faith was ultimately misplaced – with DOGE trading 91% below May 2021’s all-time high at the time of writing, according to CoinMarketCap.
As detailed in a recent interview with Decrypt.co, Contessoto’s holdings are now worth just $50,000.
Interestingly, Contessoto still believes Dogecoin will rebound, citing Musk’s rumored plans to integrate Doge into X (formerly Twitter).
The Dogecoin price is currently hovering around the $0.06 level, having posted four bearish weekly closes in a row.
As such, Contessoto’s belief that Dogecoin will rise again showcases the die-hard optimism of many meme coin enthusiasts – even in the face of significant market downturns.
PEPE’s rollercoaster ride highlights pitfalls of meme coin mania
The volatile nature of meme coins was demonstrated again recently through Pepe’s dramatic rise and fall.
Based on the famous Pepe the Frog meme, this altcoin surged in popularity during April and May, hitting an all-time high of $0.0000043.
As such, those who invested in PEPE at its all-time low price ultimately saw their position grow by over 10,000%.
However, much like Dogecoin, PEPE’s peak was short-lived – and the token is now trading 84% below May’s high.
According to CoinGecko, PEPE’s daily trading volume has also dropped to just over $59 million, far below what it was during April and May, indicating waning investor interest in the meme coin.
Ultimately, PEPE’s story highlights how traders can get caught up in meme coin mania, believing that a small investment can lead to million-dollar fortunes.
Wall Street Memes emerges as potential millionaire-maker as developers gear up for CEX listings
While Dogecoin and Pepe’s investors remain hopeful for another price rally, catching the next big meme coin early might provide a more straightforward path to sizable gains.
Rather than betting on former meme coin giants regaining their momentum, identifying newly-launched tokens before they obtain widespread popularity could offer more room for exponential growth.
One token that has been gaining significant traction in this regard is Wall Street Memes (WSM), which is currently in the midst of a highly successful presale phase.
The Wall Street Memes brand is backed by over 1.1 million “degens” worldwide, spread across social media platforms like Instagram and X (formerly Twitter).
Wall Street Memes team seeks to tokenize this community using WSM – an ERC-20 token currently offered through the presale for $0.0337.
This presale has been a viral success, raising over $25 million since commencing in May and attracting the attention of well-known crypto influencers like Satoshi Stacker.
The team behind WSM has leveraged the token’s early popularity to launch a built-in staking protocol for holders – with yields currently exceeding 63% per annum.
In just over two weeks, the Wall Street Memes team will make WSM available on several high-profile exchanges for the first time.
Many early backers speculate that these listings could catalyze a significant price pump, given the presale’s colossal momentum and the recent growth in the Wall Street Memes Telegram community membership.
Although there’s no way of saying with certainty that WSM will be the next big thing in the meme coin space, the project clearly shows immense potential – and could deliver substantial returns for early investors.