Meme Coin Millionaires Create “Generational Wealth”

Meme coin investors have one dream. To discover “that meme coin” early, invest in it and create “generational wealth.”

Luckily, the crypto bull run of 2024 has made it easier than ever to become a meme coin millionaire as dog-themed tokens and political satire cryptos continue to explode in market price.

In this article, we look at this bizarre and unique financial phenomenon of meme coins and how crypto investors with limited funds are turning into meme millionaires.

In this article, we will focus on the three hottest meme coins of the crypto bull run: PEPE, TRUMP, and WIF.

Key Takeaways

  • Investors buy meme coins for their potential to return outsized gains with small investments in a short period of time.
  • TRUMP, MOG and WIF were among the best-performing meme coins in the first quarter of 2024.
  • Top meme coin millionaires were early investors in meme coins.
  • On-chain data showed TRUMP meme coin made 54 meme coin millionaires as of March 18, 2024.

Why Do People Invest in Meme Coins?

A lot of people find it difficult to wrap their heads around meme coin investing.

Why do financial “assets” with zero utility draw multi-billion dollar market valuations? Well, the answer is simple – because they have the potential to return outsized gains with small investments in a short period of time.

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The mouth-watering year-to-date gains of the best-performing meme coins will paint a clearer picture of why people invest in meme coins.

In less than three months since the start of 2024, Donald Trump-themed MAGA (TRUMP) has gained over 2,613% year-to-date, while MOG Coin (MOG) and Dogwifhat (WIF) have surged over 2,211% year-to-date, and 1,805% year-to-date, respectively, as of March 18, 2024.

A post from a pseudonymous Reddit user dated January 28, 2024, when Bitcoin (BTC) was trading at just over $40,000, summed up the meme coin investor thought process:

“Right now Im debating on wether or not to go all in on meme coins leading into April 2024. I could easily invest into BTC and double my money guaranteed but the problem I have (just like the majority) is initial capital. If I had a million dollars I would simply go all in on BTC and make another million. Unfortunately I’ll probably only have $10k to invest and I want to touch at-least $50k this bull run, than use the money to quit my 9-5 and start a business.”

 

“So my plan is to go all in on meme coins.”

Meet the Pepe Meme Coin Millionaires

PEPE has been stealing the limelight from older and established meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) since its release in 2023.

Pepe the Frog-themed meme coin has blessed plenty of investors along the way. Among them is an anonymous holder who spent about $3,000 to buy 4.9 trillion PEPE tokens when the token was released on April 15, 2023.

The wallet pocketed a cool $2 million by selling 760 billion PEPE, on-chain analyst Lookonchain revealed.

The wallet still held 3.833 trillion PEPE coins valued at $33.695 million, as of March 18, 2024, on-chain data showed.

After filtering out crypto exchange wallet accounts and a burn address, on-chain data showed only two wallets held more PEPE coins than the above-mentioned holder.

Two of the top three PEPE token holders bought their PEPE coins within two days of its launch in April 2023.

PEPE All-Time Performance Chart.
PEPE All-Time Performance Chart. Source: CoinMarketCap

Meet the WIF Meme Coin Millionaires

Dog-themed meme coins never disappoint. In 2024, no token has dominated discussions on social platforms more than Solana-based meme coin Dogwifhat (WIF).

Among the many WIF meme coin millionaires, one stood out for their massive return and sheer luck. Lookonchian pointed out on X that a crypto trader bought 5.1 million WIF tokens for $1,749 on November 30, 2023.

The trade tried to sell their WIF tokens using a limit order on a Solana DEX called Jupiter, but the order failed to execute due to a high limit price set.

The trader canceled the sell order and transferred WIF tokens to new wallets.

As of March 18, 2024, the trader still held over 2.5 million WIF tokens worth over $7.5 million. On-chain data showed that the trader added several new meme coins to his portfolio, including one called Dogwifhat’s son.

Not everyone was as lucky, though. An early WIF investor was reported to have sold over 8 million WIF tokens for $142,000 in December 2023, which would have been worth over $23 million at the time of writing.

WIF All-Time Performance Chart.
WIF All-Time Performance Chart. Source: CoinMarketCap

Meet the TRUMP Meme Coin Millionaires

Political satire meme coins are turning out to be a major hit in 2024. The looming US Presidential election set to be held in November 2024 has drawn global attention to meme coins like TRUMP and BODEN.

TRUMP, in particular, has outshined many meme coins, having gained over 2,613% year-to-date, as of March 18, 2024.

Data on Etherscan showed that there were 54 TRUMP meme coin millionaires as of March 18, 2024.

The biggest TRUMP-holding individual was an anonymous wallet with 1.09 million TRUMP tokens (2.3% of total supply) worth $6.36 million.

Data compiled by Arkham Intelligence showed that the wallet bought over 2.63 million TRUMP tokens in exchange for about $2,000 in ETH at the time of the token’s launch in mid-August 2023.

The wallet did not sell TRUMP tokens but moved over 1 million TRUMP tokens to a separate wallet. The 2.63 million TRUMP tokens bought for about $2,000 in August 2023 are worth over $15 million, as of March 18, 2024, highlighting that “the early bird gets the prey” in the meme coin world.

2.63 million TRUMP tokens bought for about $2,000 in August 2023.
2.63 million TRUMP tokens bought for about $2,000 in August 2023. Source: Arkham Intelligence

The Bottom Line

To have a chance at becoming a meme coin millionaire, you must develop an intuition to identify social movements with the potential to go viral. Remember that meme coins are social-driven and do not follow the same rules that apply to traditional financial assets.

Most meme coins enjoy a small moment of fame; therefore, timing the market is incredibly important. Therefore, you must safeguard yourself against rug pulls and meme coin scams.

Meme coin investing is extremely risky. Do your own research and always remember your investment decision depends on your attitude to risk, your expertise in the cryptocurrency market, the spread of your portfolio, and how comfortable you feel about losing money.

The information in this article does not constitute investment advice and is meant for informational purposes only.

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Mensholong Lepcha
Crypto & Blockchain Writer

Mensholong is an experienced crypto and blockchain journalist, now a full-time writer at Techopedia. He has previously contributed news coverage and in-depth market analysis to Capital.com, StockTwits, XBO, and other publications. He started his writing career at Reuters in 2017, covering global equity markets. In his free time, Mensholong loves watching football, finding new music, and buying BTC and ETH for his crypto portfolio.