Coinspeaker FOMO-Fueled PEPE Investment Costs Trader Nearly $500K
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: $42.30 B Vol. 24h: $10.37 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 Price Trajectory
PEPE Coin PEPE $0.000019 24h volatility: 10.6% Market cap: $8.02 B Vol. 24h: $3.91 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 $0.36 24h volatility: 5.6% Market cap: $53.39 B Vol. 24h: $6.88 B and Shiba Inu SHIB $0.000024 24h volatility: 6.7% Market cap: $14.10 B Vol. 24h: $1.43 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.
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FOMO-Fueled PEPE Investment Costs Trader Nearly $500K
