- Ethereum crypto player suffers $3.5M in unrealized profit due to wrong timing.
- PEPE Coin is midway to fully retracing the all-time peak in late May 2024.
- Monday’s crypto breakdown hits PEPE, but a rebound has not yet been crossed out.
A major Ethereum (ETH) player has set an example of how playing with meme coins can turn a potentially huge profit into a tremendous deficit. Spotted by the cryptocurrency whale tracker SpotOnChain, one individual deposited 519B Pepe Coins (PEPE).
Massive PEPE Coin Sell-Off Goes Wrong
These digital assets, worth $5.11 million at stamped transaction time, were deposited to Binance at 2 AM on July 7, 2024.
If the Ethereum whale in question had decided to unload its 519B PEPE coins onto the market by the end of May above the $0.000015 support cluster, the high-rolling trader would have made $3.47M in realized profit, according to SpotOnChain’s estimations.
Upon further investigation by DailyCoin, it was established that the whale suffered a realized PNL of -10.34 million as of July 8, 2024. Aside from PEPE accumulated during May, the only other meme asset in the whale’s account is WOJAK, another Ethereum meme token.
Crypto Bloodbath Splashes on PEPE
In Monday’s market-wide drawdown, the crypto bears didn’t spare PEPE. Incurring an 8.5% deficit in a 24-hour period, the frog-themed meme coin is changing hands at $0.000008374.
PEPE slumped to a five-zero zone since July 4, 2024, and is yet to find the strength to restore its $0.00001 support levels, despite 64% of current holders making a profit at this price range. The coin’s Chaikin Money Flow (CMF) index kept above 0.2, hinting at refreshed cash streams in large transactions.
Among the TOP 5 biggest losers this Monday, PEPE stood out as the quickest rebounder. To illustrate, the token slumped by $500 million in global market capitalization at 2:30 AM GMT but later recouped the intra-day setback to $3,843,602,991 as of press time.
With the Relative Strength Index (RSI) at a neutral position, PEPE’s bounce northward highly depends on trading volume and large holder interest in the digital meme asset.
On the Flipside
- On Monday, PEPE Coin amassed the highest trading volume among meme coins, currently at $1,265 410,359 on Spot markets.
- However, the market sentiment remains on the bearish side, with 24-hour executed sales outweighing PEPE bids by $200K.
Why This Matters
Success in crypto trading often relies on timing, as meme coins experience more sensitive and quicker price fluctuations than regular alternatives.
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