Ethereum
Surprising Ethereum Change of 114 Billion PEPE Trader; here’s why
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In a dramatic turn of events, a PEPE The trader capitulated and sold all of his 114.7 billion PEPE tokens for 366.5 ETH, worth approximately $1.27 million.
According to Lookonchainthe trader initially purchased the 114.7 billion PEPE tokens on May 14-15 for $0.000011 per token, for a total of $1.27 million.
This entry point looked promising as PEPE was gaining traction and generating considerable interest in the crypto market. PEPE then reached an all-time high of $0.00001718 approximately 14 days later.
On May 27, the price of PEPE surged, crossing the $0.000017 mark. At that peak, the trader’s holdings were valued at $1.94 million, representing a potential profit of $670,000, or a gain of 50%. Despite the substantial gain, the trader chose not to sell, possibly holding onto the tokens in anticipation of further price increases, which proved costly.
However, the market took an unfavorable turn when the price of PEPE started to fall. The downtrend continued and the value of PEPE fell below the trader’s breakeven point of $0.000011.
Faced with the sustained decline The price of PEPE, the trader finally decided to sell the 114.7 billion tokens. The sale was completed at a breakeven price, netting 366.5 ETH, almost equal to its initial investment of $1.27 million.
Although the trader did not suffer a financial loss, the missed opportunity to make a substantial profit highlights the importance of timing the market perfectly. Most often, market timing has been found to have a significant impact on trading outcomes.
At the time of writing, PEPE had fallen 0.79% over the previous 24 hours to $0.00001204. The frog-themed cryptocurrency has been slowly declining since hitting an all-time high of $0.0000171 on May 27. PEPE hit a low of $0.00001057 during yesterday’s trading session as profit-taking continued and the market experienced a collapse before quickly rebounding.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.