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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.
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.
📉 UPDATE: The Crypto Fear & Greed Index has fallen to 50/100, hitting its lowest level since Oct. 14.
😟 #Bitcoin dips under $92K— are we on the edge of a bigger shift or just a market cooldown? 🤔#BTC #Crypto pic.twitter.com/xuEFH9Mpha
— Blockchain Basics (@0xBasics) January 10, 2025
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.
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