Twitter crypto analyst @lookonchain has been making waves in the cryptocurrency world, thanks to his ability to spot early meme coin investments that have skyrocketed in value. His latest find, Pepe, has been making headlines recently as it continues its incredible run.
Back in January 2021, Lookonchain invested $96,500 in Shiba Inu and made a profit of $1.18 million, with unrealized gains on the SHIB coins he still holds. He then invested $36,000 in Pepe and $61,000 in Wojak, which have since increased in value to $95,000 and $329,000, respectively.
Pepe, in particular, has seen an explosion in price, with a 25,000% increase in the past two weeks alone. The token has also experienced a 1,000% increase since being listed on centralized exchanges, up 80% today. Bybit short positions are also about to pay 0.75% funding to longs heading into the Friday daily open.
While Pepe’s market cap currently stands at $820 million, there is speculation that it could break out above the $1 billion level. If it does, it would become the largest meme crypto on the charts, with only SHIB and Dogecoin standing in its way.
Meme coins are often considered high risk assets, but they can also be highly rewarding. Lookonchain’s success with Pepe and other meme coins shows the potential for huge profits in this market. However, it’s worth noting that meme coins are volatile and should be approached with caution.
Altcoin season is currently well underway for meme coins, with other assets with amusing names and little utility currently outperforming Bitcoin, Ethereum, and the rest of the crypto markets. Other meme coins, such as PC, WSB, BOB, BOG, HEX, DINO, PPIZZA, REDDIT, and MONG, have been vying for position on the DEXTools trending crypto list.
Despite the hype surrounding meme coins, it’s important to remember that they are still a relatively new and untested asset class. As always, it’s crucial to do your own research and invest wisely.
In conclusion, Lookonchain’s success with meme coins is a testament to the potential for high returns in this market. Pepe’s recent performance shows the potential for continued growth, but investors should approach with caution due to the volatility of these assets. As always, it’s important to do your own research and invest wisely.
