- In a recent analysis, CoinGecko revealed that investors buying in early on meme coins could become millionaires in as fast as one week while investing as little as $10.
- Based from the exponential data of its price, $BONK investors could have turned their $26,668 to $1 million in just seven days
- Meanwhile, $SHIB investors could have turned their $12 to $1 million in 453 days.
Known as the type of cryptocurrency that is created as a joke or meme, often based on popular internet memes or trends, which are most of the time produced as a parody or satire of traditional cryptocurrencies, meme coins’ value primarily depends on their popularity and the level of social media hype they generate rather than any significant underlying technology or utility.
However, we cannot deny the fact that, despite not having a “purposeful” purpose, meme coins have become a way for some investors to gain profit from them, buying them during their early launch and then selling them once their value is high enough.
In fact, in a recent analysis, CoinGecko revealed that investors buying in early on meme coins could become millionaires in as fast as one week while investing as little as $10.
How Long Does It Take To Be a Meme Coin Millionaire?
CoinGecko’s data showed that $BONK investors only took seven days to become millionaires.
While among the coins on the list, $DOGE investors had the slowest time, taking them 2,701 days before becoming millionaires. That was more than seven years of waiting.
This means that though $BONK launched just last December, its exponential price pump remains the fastest record among the 179 meme coins being tracked by CoinGecko.
How Much Money Does It Need To Be A Meme Coin Millionaire?
Of course, a $1 is merely impossible to become an instant $1 million, but following their values’ trend after their own launch, here is the list of the required money to be invested in these coins and the days before they will turn investors into meme coin millionaires:
- BONK: $26,668 to $1 million in seven days
- AIDOGE: $190,586 to $1 million in 13 days
- PEPE: $158,312 to $1 million in 14 days
- WOJAK: $175,330 to $1 million in 15 days
- ELON: $20, 839 to $1 million in 19 days
- 4TOKEN: $57, 613 to $1 million in 31 days
- FLOKI: $4,508 to $1 million in 130 days
- BABYDOGE: $28, 297 to $1 million in 222 days
- SHIB: $12 to $1 million in 453 days
- DOGE: $820 to $1 million in 2,701 days
For comparison only, not financial advice.
“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,” CoinGecko explained.
Meme Coins in the Philippines
Earlier this year, CoinGecko also reported that the Philippines ranked fourth in the world in terms of interest in meme coins. As per the data, 5.39% of Filipinos surveyed are into investing and holding meme coins.
The report also revealed that the top meme coins in the country are Floki, Shiba Inu, Baby Doge Coin, Bonk, and Pepe.
During the peak of the hype surrounding meme coins in the country, local crypto exchange Coins.ph immediately added the meme coins Pepe and Floki to its Coins Pro platform. The addition of the meme coins was almost as fast as Binance’s listing.
It is because the exchange’s CEO, Wei Zhou, said during an interview with BitPinas that he believes that crypto exchanges must have meme coins because they are a huge part of the crypto culture.
Though Pepe, ArbDoge AI, and Wojak are the biggest meme coins launched this year, Ignore Fud is another new meme coin in 2023 that has enjoyed strong price gains since it went live, as per CoinGecko.
However, since meme coins’ value primarily depends on their popularity and the level of social media hype they generate, it is almost impossible to predict whether these meme coins will still be the top coins by the end of 2023.
Thus, may we keep in mind that investing in meme coins does not guarantee 100% win or profit, so always DYOR and know when will be the right timing to buy and sell and HODL.
This article is published on BitPinas: Can Meme Coin Investors Be Millionaires In Just 7 Days?
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.