Trader Loses Almost $500,000 on Pepe Memcoin Investments
Date: 2024-12-20 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
An anonymous cryptocurrency trader with the wallet address 0x4ec suffered losses of $477,000 by investing in the Pepe Memcoin (PEPE). The main reason for the failure was FOMO - the fear of missing out on potential profits.
According to the Spotonchain platform, on December 10, the trader invested 4.75 WBTC and 150,000 USDC, equivalent to about $1.59 million, to purchase 60.782 billion PEPE tokens. At that time, the fear and greed index in the cryptocurrency market reached 78, indicating high investor interest, and PEPE was heading for a new all-time high.
However, on December 19, the value of the memecoin fell by more than 10%, which caused the investor to panic. Unable to withstand the psychological pressure, he sold all his tokens, recording a large financial loss.
Pepe, released on the Ethereum blockchain in 2023, has quickly gained popularity among memecoin enthusiasts. At the moment, it ranks third in market capitalization among tokens of its class, second only to Dogecoin and Shiba Inu.
Over the past year, the value of PEPE has grown by an impressive 1400%, and its market capitalization has increased 16 times. At the peak of its popularity, on December 9, the token reached a record price of $0.00002825. However, sharp market corrections over the past week have led to a drop in value by more than 23%, and PEPE is now trading at $0.00001873.
This case highlights the risks of short-term investments and the importance of a rational approach in the cryptocurrency market.
