- Ethereum Cryptocurrency Firm Loses $3.5 Million in Unrealized Profits Due to Bad Timing
- PEPE coin is on track to fully recover its all-time high by the end of May 2024.
- Monday’s cryptocurrency crash had an impact on PEPE, but a bounce has yet to be confirmed.
A case has been made that shows how major Ethereum (ETH) players can potentially turn huge profits into huge losses when playing with meme coins. As discovered by crypto whale tracker SpotOnChain, a single individual deposited 519B Pepe Coins (PEPE).
Massive PEPE Coin Selling Wrong
This digital asset is worth $5.11 million at the time of trading and was deposited into Binance on July 7, 2024 at 2:00 AM.
According to SpotOnChain’s estimates, if the Ethereum whale in question had decided to dump 5.19B PEPE coins into the market above the $0.000015 support cluster by the end of May, the high-net-worth investor would have made a realized profit of $3.47 million.
Through further investigation DailycoinAs of July 8, 2024, the whale has been confirmed to have experienced a realized PNL of -10.34 million. The only other meme asset in the whale’s accounts, aside from the PEPE accumulated in May, is another Ethereum meme token, WOJAK.
Crypto Bloodbath Spreads in PEPE
Crypto bears didn’t spare PEPE during Monday’s market-wide selloff. The frog-themed meme coin, which recorded a loss of 8.5% over 24 hours, is trading at $0.000008374.
PEPE has been crashing to the 5-0 zone since July 4, 2024 and has yet to regain the $0.00001 support level, despite 64% of current holders profiting at this price level. The coin’s Chaikin Money Flow (CMF) index remains above 0.2, suggesting fresh cash flow from large transactions.
Among the top five biggest losers on Monday, PEPE stood out as the fastest recovering. For example, the token lost $500 million in global market cap at 2:30 AM GMT, but later recovered its intraday losses to $3,843,602,991 at the time of writing.
With the Relative Strength Index (RSI) in neutral, the northward bounce of PEPE is largely driven by volume and interest from large holders in the digital meme asset.
On the other side
- On Monday, PEPE coin was the highest trading volume among meme coins, currently trading at $1,265 USD 410,359 on the spot market.
- However, market sentiment remains bearish, with 24-hour sell volume exceeding the PEPE bid by $200,000.
Why this matters
Success in cryptocurrency trading often comes down to timing, as meme coins tend to be more sensitive and subject to faster price fluctuations than traditional coins.
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