U.Today - In a dramatic turn of events, a PEPE trader has capitulated, selling all of his 114.7 billion PEPE tokens for 366.5 ETH, worth approximately $1.27 million.
According to Lookonchain, the trader initially purchased the 114.7 billion PEPE tokens on May 14 and May 15 for $0.000011 per token, totaling $1.27 million.
This entry point seemed promising as the PEPE was gaining traction and attracting considerable interest within the crypto market. PEPE would later surge to all-time highs of $0.00001718 about 14 days later.
On May 27, the price of PEPE surged, breaking through the $0.000017 mark. At this peak, the trader's holdings were valued at $1.94 million, presenting a potential profit of $670,000, or 50% gains. 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 as PEPE's price began to decline. The downward trend continued, and the value of PEPE fell below the trader's breakeven point of $0.000011.
Facing the sustained drop in PEPE's price, the trader ultimately decided to sell all 114.7 billion tokens. The sale was made at a breakeven price, yielding 366.5 ETH, nearly equivalent to his initial investment of $1.27 million.
Although the trader did not incur a financial loss, the missed opportunity for a substantial profit underscores the significance of timing the market perfectly. More often than not, market timing has been found to significantly impact trading outcomes.
At the time of writing, PEPE had dropped 0.79% in the previous 24 hours to $0.00001204. The frog-themed cryptocurrency has slowly decreased since reaching an all-time high of $0.0000171 on May 27. PEPE struck a low of $0.00001057 in yesterday's trading session as profit-taking continued and the market saw a slump before rebounding rapidly.