A cryptocurrency trader who lost over $2 million buying Shiba Inu (SHIB) at the top and selling at the bottom in the last market cycle has bought $1 million worth of PEPE.
Lookonchain reported this trader’s recent purchase and the historical context in an X post on May 29.
As reported, the address ‘0xD21…07010‘ withdrew 67 billion PEPE, worth $1.02 million, from the crypto exchange OKX. The purchase occurred on May 29 at 08:21 am UTC, followed by smaller purchases of five other tokens.
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In particular, Fetch (FET), SingularityNET (AGIX), Arbitrum (ARB), The Graph Token (GRT), and Bone ShibaSwap (BONE), all with value worth less than $500,000. Additionally, the trader was already holding 35.27 billion SHIB, worth $980,000.
Over $2 million losses trading SHIB in 2021-2022
However, on-chain data shows a past millionaire losses to this same trader’s address with the meme coin Shiba Inu. The trader purchased 40.9 billion SHIB during the bull market hype in 2021, worth $2.98 million.
This was likely a decision under the ‘fear of missing out’ (FOMO), considering SHIB was at its highest levels after a remarkable performance—similar to what PEPE represents in this cycle.
As the bear market took over, this trader held their SHIB position until it neared its lowest value in 2022. At this point, ‘0xD21…07010’ capitulated, liquidating the entire position with 85.5% losses, effectively losing $2.55 million.
This trader’s story serves as a cautionary tale on the risks of letting emotion dominate while trading crypto. Cryptocurrencies are highly volatile assets, and bad decisions could bring unrecoverable losses as fast as occasional gains.
Furthermore, meme coins like SHIB and PEPE are moved by hype, FOMO, and greed without a clear value proposition. These tokens increase the risk of ruin, as observed in this trader’s historical results. Now, the market wonders if history will repeat itself, marking a price top for PEPE and the other trending tokens.
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