An anonymous trader, identified by the wallet address “0x4ec”, suffered a loss of $477,000 in a PEPE Coin investment driven by FOMO.
The allure of quick profits in the cryptocurrency market has claimed another victim. An anonymous trader, identified by the wallet address “0x4ec”, reportedly suffered a loss of $477,000 in a PEPE Coin investment driven by FOMO (fear of missing out). This incident serves as a lesson for those buying into peaks during heightened market sentiment.
According to data from Spotonchain, the trader spent 4.75 WBTC and 150,000 USDC USDC $1.00 24h volatility: 0.2% Market cap: $42.36 B Vol. 24h: $10.20 B — equivalent to $1.59 million — to buy 60.782 billion PEPE tokens on December 10. At that time, the crypto fear and greed index indicated signs of greed, sitting at 78, and PEPE was around its all-time high.
As the token’s price corrected earlier today, the trader panicked and sold all his holdings, locking in a major loss.
PEPE Coin PEPE $0.000019 24h volatility: 9.9% Market cap: $8.08 B Vol. 24h: $3.90 B , introduced in 2023, quickly became a favorite among memecoin enthusiasts. The Ethereum-based green frog ranks as the third-largest meme coin by market capitalization, trailing only Dogecoin DOGE $0.37 24h volatility: 5.1% Market cap: $53.76 B Vol. 24h: $6.88 B and Shiba Inu SHIB $0.000024 24h volatility: 6.3% Market cap: $14.21 B Vol. 24h: $1.44 B . Over the past year, PEPE’s price has soared by 1,400%, with its market cap surging over 16 times. Many times, such massive surges in meme coins create FOMO among investors who failed to invest early.
PEPE token achieved an all-time high of $0.00002825 on December 9, fueled by strong investor demand and the broader crypto market rally. However, following its peak, PEPE began a downward trend, with its price currently down 31% from its high, trading around $0.00001955.
PEPE’s technical indicators suggest that the token is currently in a bearish phase. According to TradingView, its RSI is sitting below 50, and MACD is representing investor sell-offs. Notably, analysts suggest that a bullish reversal for PEPE may occur if it breaks key resistance levels around $0.00002821. This decline coincides with the latest broader crypto market pullback, driven by the Federal Reserve’s 25 basis points rate cut.
Amid the ongoing market volatility, a popular trader on X has made a bold prediction for PEPE’s future. He suggests that, under a conservative scenario, the token could reach a market cap of $50 billion, with the most optimistic outlook pushing it to $85 billion. He also added that PEPE is the “Shiba Inu of the current cycle”.
It is important to note that this is not the first incident where a PEPE trader recorded quick gains or losses. In May, a 19-year-old student managed to turn a modest $1,000 investment in PEPE into an impressive $10,000.
As the cryptocurrency market matures, the latest incident reinforces the importance of strategic investment, particularly in volatile markets. Investing during periods of greed often comes with high risks.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
