$PEPE Trader Capitulates and Sells All 114.7B $PEPE Holdings at a Breakeven Price
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 has sold all of his $PEPE holdings at a break-even price following a slight increase in the memecoin's value.
According to on-chain data, the trader initially purchased 114.7 billion $PEPE for 366.5 $ETH (around $1.27 million) on May 14 and May 15 at a price of $0.000011 per token.
The trader eventually decided to sell his whole position after purchasing the $PEPE tokens in two tranches.
The value of $PEPE had risen to $0.000017 at one point on May 27, netting him a profit of $670,000 (or 50%), on-chain data reveals. However, at that time, the trader decided not to sell.
After this high, the price of $PEPE began to decline gradually, eventually falling below the trader's breakeven point.
The trader finally capitulated and sold all 114.7 billion $PEPE for 366.5 $ETH as the price continued to drop, 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 attracted the attention of many in the crypto community, as the memecoin market frequently experiences high volatility and quick shifts in investor sentiment. This instance of a trader breaking even highlights the risks and benefits of holding and trading volatile assets like memecoins.
Despite this setback for one trader, the overall mood for $PEPE is still cautiously optimistic. As the memecoin continues to experience price changes, traders and investors will probably keep a close eye on its performance, especially in light of the recent bullish momentum.
In conclusion, $PEPE's recent price action highlights the crucial role of timing in trading, especially in the volatile memecoin market. The trader's decision to sell at breakeven after passing up a substantial profit opportunity serves as a reminder of the inherent risks in the crypto space.
This is not trading or investment advice. Always conduct your own research before purchasing any cryptocurrency or making any service investments.
Follow us on Twitter @nulltxnews to stay up to speed on the latest crypto, NFT, AI, cybersecurity, distributed computing, and metaverse news!
News source:https://www.kdj.com/cryptocurrencies-news/articles/pepe-trader-capitulates-sells-b-pepe-holdings-breakeven-price.html
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