Diversification Doesn’t Work? NFT Influencers That Made or Lost Money With Memecoins

Smart and influential NFT investors have used the recent hype around memecoins as an opportunity to make solid profits. However, the majority of those who made money from such investments only dealt with Pepe Coin (PEPE), while those who diversified with more than one did not.

Despite the recent price volatility, the now trending memecoin is still interesting for crypto whales and NFT traders. Some users have sold a Bored Ape Yacht Collection (BAYC) digital art piece for less than the ground price of a PEPE purchase.

Betting on Memecoins can be difficult

Lookonchain recently open How four out of eight NFT influencers did when investing in popular memecoin like PEPE, GENSLR, KEK and TURBO. Two of them, by the name of “Vince_Van_Dough” and “ohhshiny,” made money after dealing solely with toad-inspired digital assets.

The former spent $167,000 in ETH to buy 96B PEPE and later sold it for $174,000. “ohhshiny” was luckier, buying 700 billion PEPE for 326 ETH ($610,000). Then they parted ways with 479B PEPE for nearly $1 million and kept the rest.

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, NFT influencers “ColeThereum,” “dingalingts,” and “boredGenius” posted some losses after diversifying with several assets. ColeThereum invested in over a dozen Memecoins and lost a total of $3,365.

“dingalingts” ripped off nearly $16,000 after trading FOUR, THEND, TURBO and COPE, while “boredGenius” lost over $7,000.

PEPE is still a trend

Launched in mid-April, memecoin quickly gained steam and emerged as one of the best performing cryptocurrencies in the past few weeks. The frenzy around it has been so high that its market capitalization topped $1.6 billion at the beginning of May (CoinMarketCap data), while some investors to make Amazing earnings from almost daily ATHs.

However, the price of the token has declined in the past seven days, which indicates that the hype is over. Some crypto whales did not support this thesis and continued to accumulate.

One user previously made $2.2 million on memecoin spend $2.1 million to buy back PEPE. last exchange approximately 400,000 monkeys for approximately 750 m bib.

like Potato encryption mentioned Earlier this week, the asset’s daily volume remained unbeaten in the memecoin space for more than a week. Yesterday’s figures showed PEPE’s 24-hour trading volume exceeded $350 million, while DOGE ranked second with $214 million. Today’s numbers also favor the frog-themed coin, though the lead is lower.