Memecoins
Ethereum Memecoin $PEPE Regains Bullish Momentum, Up 8% Amid Major Traders Capitulation
Memecoin based on Ethereum $PEPPER saw a recovery today, rising 8% and regaining bullish momentum. However, this slight increase prompted one major 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 (about 1.27 million dollars) on May 14 and 15 at $0.000011 per token, decided to liquidate his entire position.
At one point on May 27, the value of $PEPE had risen to $0.000017, which would have given him a profit of $670,000, or a 50% increase. However, the trader chose not to sell at that peak.
The drop in the price of $Pepe forces the trader to make a significant move
After this high, the price of $PEPE began to decline steadily, eventually falling below the trader’s breakeven point. As the price continued to fall, the trader finally capitulated and sold all $114.7 billion of PEPE for $366.5 ETH, thus breaking even on his initial investment.
This $PEPPER the trader capitulated and sold all 114.7 billion $PEPPER for 366.5 $ETH($1.27 million) at a break-even price.
It purchased 114.7 billion $PEPPER($1.27 million) to $0.000011 on May 14 and 15.
The price of $PEPPER it surpassed $0.000017 on May 27, at which point its profit was $670,000 (+50%), but did not… pic.twitter.com/aPxuftE1yI
—Lookonchain (@lookonchain) June 15, 2024
The recent rise in the value of $PEPE has caught the attention of many in the cryptocurrency community, as the memecoin market often experiences high volatility and rapid changes in investor sentiment. This case of a trader breaking even highlights the risks and rewards associated with owning and trading volatile assets like memecoins.
Despite this particular trader’s temporary setback, overall sentiment for $PEPE remains cautiously optimistic. As memecoin continues to fluctuate, traders and investors will likely keep a close eye on its performance, especially in light of the recent bullish momentum.
In conclusion, the recent price action of $PEPE highlights the importance of timing in trading, particularly in the highly speculative memecoin market. The trader’s decision to sell at breakeven 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 purchasing any cryptocurrency or investing in any service.
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