Meme coins have become one of the most exciting investment opportunities in the cryptocurrency market, with the potential to transform small initial investments into enormous returns. CoinGecko’s recent study on meme coins reveals the minimum initial investment required to reach millionaire status, along with the time taken to achieve this milestone.
How Do You Become A Meme Coin Millionaire?
According to CoinGecko, the minimum initial investment required to become a meme coin millionaire is $66,298.25.
However, there are exceptions to this rule. Shiba Inu, for instance, required an initial investment of only $12 to achieve a return of $1 million, thanks to an 8,424,202.3% increase in its starting price on August 1, 2020.
The original meme coin, Dogecoin, required a more considerable investment of $820, but it has proven to be the most successful meme coin over an extended period. It took 2,701 days, or nearly seven and a half years, for an investment in Dogecoin to grow to $1 million.
The Fastest Meme Coin Millionaires
Among the 2021 meme coins, Dogelon Mars showed the fastest price growth, taking only 19 days to transform an initial investment of $20,838.51 into $1 million. FLOKI and Baby Doge Coin experienced slower growth, requiring four and seven months, respectively, to achieve comparable returns.
The initial investments for these coins were $4,508 and $28,297, respectively.
Expectations for 2023 Meme Coins
Pepe, ArbDoge AI, Wojak, and Ignore Fud are expected to surpass their current all-time highs, providing investors with an opportunity to become millionaires in these specific meme coins. Although these coins may take longer to achieve higher prices, it also means that a lower initial investment is needed to become a millionaire.
A Word Of Caution
While the potential for considerable gains exists in meme coins, investors should always exercise caution and conduct thorough research before investing in any cryptocurrency, particularly those with a high degree of volatility like meme coins.
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.