The user became a cryptocurrency millionaire by investing only $ 250 in a little-known cryptocurrency

According to Arkham analysts, the user dimethyltryptamine. eth managed to become a cryptocurrency millionaire by investing in a little-known token. The user earned more than $ 2 million in 4 days by purchasing PEPE coins for only $ 260.

The Pepe meme token (PEPE) managed to grow by 1120% in just 3 days. Named after the popular meme character Pepe the Frog, the digital asset appeared on the cryptocurrency market on April 17 and ranked 6th among the most popular memecoins.

According to market analyst Conotoxia, due to problems with the token’s liquidity, the newly-made millionaire has little chance of realizing the profit. Even if the demand for PEPE does not decline, it will take 46,200 years to sell 5.9 trillion PEPE tokens (the same amount purchased by dimethyltryptamine. eth).

«Any attempt to exit the position faster can lead to a price drop even below the purchase level. Thus, „on paper“ investors may be millionaires, but due to insufficient liquidity in the pool, they will not receive their wealth,» explained the Conotoxia analyst.

At the time of writing, PEPE, created on the Ethereum blockchain, has lost 36% of its value over the past day. According to CoinGecko, the market capitalization of PEPE dropped from $ 148 million to $ 84 million, and the trading volume fell to $ 82 million in 24 hours.

Most memtokens are of interest only from a speculative point of view in the short term. An example of this was the BONK coin based on the Solana blockchain, which grew strongly for several days before a large-scale collapse in the asset’s price occurred, causing some investors to suffer losses.