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Crypto trader loses $2 million in 30 days trading this cryptocurrency

Crypto trader loses $2 million in 30 days trading this cryptocurrency

A crypto trader has been actively trading PEPE and decided to capitulate for an accumulated $2 million in losses. This is because the trader started selling his PEPE stack below the dollar-cost average (DCA) as cryptocurrencies experienced a crash.

Finbold retrieved data from SpotOnChain on June 26, consolidating the trading history and results from the Ethereum (ETH) address ‘0x8376…‘.

Overall, this crypto trader purchased 2.253 trillion PEPE at an average price of $0.00001325 per token. Lately, the whale started selling this stack, with an increased selling activity in the past 8 hours from publication time.

So far, 0x8376 has sold 1.953 trillion PEPE for an average of $0.00001249 per token, resulting in $1.577 million in losses with PEPE alone. The trader’s total crypto PnL since 2021 is $1.989 million, of which $1.875 million is realized losses, most from the PEPE’s capitulation.

0x83768992b44f9afad68889ca59f36507fe00d8f7 PnL. Source: SpotOnChain

Crypto trader’s PEPE activity, last 30 days

Looking at 0x8376’s activity, we see multiple inflows and outflows in the past month. This activity resulted in $2 million of realized losses in the last 30 days.

During this period, this PEPE whale spent $29.85 million to acquire the meme coin. In the meantime, the trader deposited the tokens to Binance at a nominal value of $23.815 million. 

Essentially, the address purchased PEPE when it was high in price to sell when it dropped below that mark.

0x83768992b44f9afad68889ca59f36507fe00d8f7 trading history. Source: SpotOnChain

PEPE, meme coins, and the greater fool theory

This trader’s story is a cautionary tale about what most traders experience while speculating on vaporware crypto, like meme coins.

Differently from buying a cryptocurrency or any asset due to its underlying fundamentals for sustainable long-term organic demand, meme coins attract gamblers who want to get in and get out at a higher price, expecting others to buy after them for the same reason despite the lack of solid fundamentals.

Interestingly, the Greater Fool Theory explains this behavior when traders buy into an asset for the sole expectation of finding a “greater fool” to buy after them.

Investors must be cautious and do proper research to find cryptocurrencies with solid fundamentals instead of purely fueled by buzz. The cryptocurrency market is inherently risky and volatile, but meme coins bring another layer of risks.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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