Trader Turns $1 Million Loss Into $2.5 Million Gain As Pippin Meme Coin Explodes

A crypto trader who bought a new meme coin by the name of Pippin (PIPPIN) was able to turn a $1 million loss into a $2.5 million unrealized profit.

On-chain analytics platform Lookonchain said in a Jan. 10 X post that the trader initially made a loss when the meme coin plunged 90%. However, the trader opted to keep his holdings in the crypto instead of panic selling, which paid off in the end.

crypto trading

Diamond-Hand Trader Benefits From Pippin Surge

The trader bought PIPPIN around 2 months ago, according to Lookonchain, and spent 5,441 SOL, valued at approximately $1.15 million at the time, to purchase 20.46 million PIPPIN coins. Since the steep correction, the meme coin has entered into a rally as traders rushed to buy the crypto.

Lookonchain noted that the meme coin’s market cap broke through the $180 million mark. As a result, the trader’s PIPPIN holdings are now valued at around $3.68 million, and the trader has achieved an unrealized gain of more than $2.5 million. The trader has also not sold any of the PIPPIN holdings so far.

PIPPIN Continues Impressive Performance Despite Investor Sentiment Taking A Knock

Data from CoinGecko shows that PIPPIN continued to surge in the last 24 hours with an impressive 218% gain. This comes as crypto investor sentiment dropped to its lowest level since October, according to the Crypto Fear and Greed Index.

The Index saw a 19-point drop in the last 24 hours after leading crypto Bitcoin (BTC) plunged below the $92K mark amid growing concerns over the outlook for interest rates in the US.

Adding to investor concerns, the US Government also received the greenlight to sell the $6.5 billion worth of Bitcoin it seized from Silk Road.

With the 24-hour gain, PIPPIN’s price is now up more than 1,656% over the past month to trade at $0.2259 as of 2:46 a.m. EST. 

Related Articles:

  • Why Is Crypto Down Today – 5 Upcoming Token ICOs Whales Are Still Buying
  • South Korea Plans To Lift Ban On Institutional Cryptocurrency Trading
  • Why Demand for Solaxy Is Surging 

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