Upon analysis of the top meme coins in their glory days, CoinGecko found that investors would have needed $12 to make $1 million with Shiba Inu.
CoinGecko, a prominent cryptocurrency price-tracking platform, conducted a comprehensive analysis of the most popular meme coins during their peak periods. The study results reveal that Shiba Inu (SHIB) yielded the highest returns during its bullish phase, as investors could have potentially earned $1 million with a mere $12 investment.
The report, which was shared on Twitter today, analyzed ten assets, including but not limited to Shiba Inu, Dogecoin (DOGE), Floki (FLOKI), BabyDogeCoin (BABYDOGE), Pepe (PEPE), and ArbDoge AI (AIDOGE).
1/ Ever wondered how much money you would need to invest in meme coins to become a millionaire?
Our recent study shows that an investor would have needed an average of $66,298.25 to become a meme coin millionaire. 🧵
Read the full study: https://t.co/XPGIpukeT8 pic.twitter.com/vAMk10onMg
— CoinGecko (@coingecko) May 4, 2023
CoinGecko’s study delved into the investment amounts required to yield a $1 million return. The findings indicate that Shiba Inu demanded the lowest investment, with a mere $12 being sufficient. DOGE and FLOKI ranked second and third, requiring investments of $820 and $4,508, respectively.
In contrast, relatively new meme coins like PEPE and AIDOGE demanded substantially higher investment amounts, surpassing the $100,000 threshold. PEPE, for instance, required an investment of $158,312 to generate a $1 million return, whereas AIDOGE necessitated an investment of $190,586 for the same yield.
In terms of duration, the findings revealed that investors would have had to hold onto their SHIB for 453 days to earn $1 million, which is comparatively higher than BONK, AIDOGE, and PEPE. However, the duration is significantly shorter than required for DOGE, which stands at 2,701 days.
Conclusively, CoinGecko mentioned that Shiba Inu had been the most successful meme coin to date, having increased by a remarkable 8,424,203 (or 84,242x) from its price at launch in August 2020 to its peak. This surge was partly triggered by the burn of 410 trillion SHIB from Vitalik Buterin. It remains to be seen whether the asset can stage a similar price surge in the event of sustained burns.
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