BABY
December 19, 2024
The cryptocurrency market has recently witnessed sharp fluctuations that have led some investors to make hasty decisions, driven by the fear of missing out (FOMO). With Bitcoin rising above $100,000, the number of new rich people in this market has increased, which has increased the ambition and greed of many to make quick gains. But these ambitions can turn into huge losses, as happened to one of the major traders in the meme coin PEPE. Click here to receive advertising services or press releases for the crypto project
The trader invested 4.75 WBTC and 150,000 USDC, worth a total of about $1.59 million, to buy 60.782 billion PEPE meme coin on December 10, according to data from spotonchain.
This came at the peak of the meme coin's rise, at a time when many altcoins were witnessing positive upward momentum supported by a general market rally.
However, the picture quickly changed, as PEPE experienced sharp price fluctuations after reaching an all-time high. As the decline began, the trader lost patience and chose to sell his entire stake immediately, fearing that the decline would continue. He incurred a loss of approximately $477,000 in just nine days. Instead of holding on to it in the face of a correction that some analysts consider normal in the cryptocurrency market.
PEPE Coin Momentum Correction and Decline
These losses were accompanied by a general decline in the cryptocurrency market, as the Federal Reserve’s (FED) decision to cut interest rates by 25 basis points and its chairman’s stance on Bitcoin reserves affected the market mood. PEPE has fallen by about 11% in the last 24 hours, currently trading around $0.00001916.
Despite these declines, a number of analysts believe that what happened was nothing more than a natural correction. In light of the sudden movements and uncertainty that the market is witnessing, the lessons learned from this story remain the importance of caution and avoiding being carried away by waves of FOMO that may cost investors huge fortunes.