A trader made a 4,700x return on Pepe (PEPE), turning $2,184 into $10.3M, according to Lookonchain. He bought 1.5T PEPE, sold 1.02T for $6.66M, and still holds 493B PEPE ($3.64M) despite PEPE dropping 74% from its ATH.

Memecoins remain highly speculative but have delivered massive gains. In May 2024, another investor turned $27 into $52M (1.9Mx ROI). Memecoins like DOGE, PEPE, and FLOKI surged 5.6% recently, even as Solana fell 51% since TRUMP token’s launch.

However, scams and rug pulls plague the sector. On March 5, New York lawmakers introduced a bill to protect investors, following the LIBRA scandal linked to Argentina’s President Javier Milei.