PEPE Trader Foregoes 50% Gains to Break Even

The cryptocurrency PEPE peaked in late May at an all-time high of $0.00001718 per token, but has been unable to avoid falling hard after a recent market correction.

According to data from Lookonchain, one trader entered the market with an investment of $1.27 million. The trader bought 114.7 billion PEPE tokens for $0.00001100 each. This action seemed well-timed since PEPE gained popularity and seemingly opened the path for notable profits. However, nothing in crypto is as black-and-white, and hidden dangers and disappointment lurk around every corner. 

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…

— Lookonchain (@lookonchain) June 15, 2024

A few days later, PEPE’s value shot to $0.00001718, and the trader’s holdings rose to $1.94 million, indicating a possible profit of 50% or $670,000. Despite this windfall, the trader hung onto the tokens since he expected more value appreciation.

Trader’s Decision: Salvaging Amid PEPE’s Price Volatility

Fortunes quickly changed as PEPE’s price path reversed, and the memecoin dropped below the trader’s initial purchase price. When PEPE fell below the breakeven mark of $0.00001100, the trader had to make a difficult choice: stick it out or sell at a loss.

Eventually, the trader sold their 114.7 billion PEPE tokens to recover their initial investment. This action brought the trader 366.5 ETH at the breakeven price, equal to the initial $1.27 million outlay.

While preventing financial loss, the sale underscored the significance of timing in the volatile crypto market

PEPE had dropped 0.79% during the previous 24 hours at the reporting time, reaching $0.00001204 per token. Though it peaked, the cryptocurrency fell hard and dropped to $0.00001057 this week. Like other markets, it has yet to show any valid recovery attempt.

Your custom text © Copyright 2024. All rights reserved.