Ethereum-based memecoin $PEPE has seen a resurgence today, climbing by 8% and regaining some bullish momentum. However, this slight increase prompted a significant trader to capitulate and sell all of his $PEPE holdings at a break-even price.
The trader, who had initially invested 114.7 billion $PEPE for 366.5 $ETH (approximately $1.27 million) on May 14 and May 15 at $0.000011 per token, decided to liquidate his entire position.
At one point, the value of $PEPE had surged to $0.000017 on May 27, which would have netted him a profit of $670,000, or a 50% increase. However, the trader chose not to sell at that peak.
$Pepe Price Decline Forces Trader To Make Significant Move
Following this high, $PEPE’s price began to decline steadily, eventually falling below the trader’s breakeven point. As the price continued to drop, the trader finally capitulated and sold all 114.7 billion $PEPE for 366.5 $ETH, thus breaking even on his initial investment.
This $PEPE trader capitulated and sold all 114.7B $PEPE for 366.5 $ETH($1.27M) at a breakeven price.
He bought 114.7B $PEPE($1.27M) at $0.000011 on May 14 and May 15.
The price of $PEPE broke through $0.000017 on May 27, at which time his profit was $670K(+50%), but he did not… pic.twitter.com/aPxuftE1yI
— Lookonchain (@lookonchain) June 15, 2024
The recent bullish uptick in $PEPE’s value has caught the attention of many in the crypto community, as the memecoin market often experiences high volatility and swift changes in investor sentiment. This case of a trader breaking even highlights the risks and rewards associated with holding and trading volatile assets like memecoins.
Despite the temporary setback for this particular trader, the overall sentiment for $PEPE remains cautiously optimistic. As the memecoin continues to experience fluctuations, traders and investors will likely keep a close watch on its performance, especially in light of the recent bullish momentum.
In conclusion, $PEPE’s recent price action underscores the importance of timing in trading, particularly in the highly speculative memecoin market. The trader’s decision to sell at break-even after missing a significant profit opportunity serves as a reminder of the inherent risks in the crypto space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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