Savvy investors and NFT influencers have used the recent hype around memecoins as an opportunity to make solid profits. However, the majority of those who made money on such investments have only dealt with Pepe Coin (PEPE), while those diversifying with more than one have not been that successful.

Despite its recent price fluctuations, the now-trending memecoin is still intriguing for crypto whales and NFT traders. Certain users have sold digital art part of the Bored Ape Yacht Collection (BAYC) below the floor price to purchase PEPE.

Betting on Memecoins Could be Tricky

Lookonchain recently revealed how four out of eight NFT influencers did when investing in popular memecoins such as PEPE, GENSLR, KEK, and TURBO. Two of them, going by the names “Vince_Van_Dough” and “ohhshiny,” made money after dealing only with the frog-inspired digital asset. 

The former spent $167,000 worth of ETH to buy 96B PEPE and later sold the stash for $174K. “ohhshiny” was even more fortunate, purchasing 700B PEPE for 326 ETH ($610K). They then parted with 479B PEPE for nearly $1 million and kept the remaining amount. 

For his part, “Zeneca” made $14K after investing in TURBO – an AI-related memecoin whose price and market capitalization peaked at the beginning of the month. 

On the other hand, the NFT influencers “ColeThereum,” “dingalingts,” and “boredGenius” recorded some losses after diversifying with numerous assets. “ColeThereum” invested in more than a dozen memecoins and lost a total of $3,365. 

“dingalingts” parted with approximately $16,000 after trading FOUR, THEND, TURBO, and COPE, whereas “boredGenius” lost over $7,000.

PEPE is Still a Trend

The memecoin, launched in mid-April, quickly gained steam and emerged as one of crypto’s best performers in the last few weeks. The craze around it was so high that its market cap surpassed $1.6 billion at the beginning of May (CoinMarketCap data), while some investors made spectacular profits from its almost daily ATHs. 

However, the token’s price tumbled in the past seven days, hinting that the hype is over. Certain crypto whales did not support that thesis and kept accumulating.

One user who previously made $2.2 million on the memecoin spent $2.1 million to repurchase PEPE. Another exchanged nearly 400,000 APE for almost 750M PEPE.

As CryptoPotato reported earlier this week, the asset’s daily trading volume remained unbeaten in the memecoin field for over a week. Yesterday’s figures showed that PEPE’s 24h volume surpassed $350 million, while DOGE was second with $214 million. Today’s numbers are also in favor of the frog-themed coin, although with a decreased lead. 

The post Diversification Doesn’t Work? NFT Influencers That Made or Lost Money With Memecoins appeared first on CryptoPotato.

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Filed under: Bitcoin - @ May 17, 2023 2:19 pm