Crypto Trader Turns $1M Loss into $2.5M Unrealized Profit by Holding Meme Coin Pippin (PIPPIN)

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.

A crypto trader who bought a new meme coin called Pippin (PIPPIN) at the beginning of December was able to turn a $1 million loss into a $2.5 million unrealized gain.

On-chain analytics platform Lookonchain noted in a Jan. 10 X post that the trader initially made a loss when the meme coin plunged 90% from its launch price. However, instead of panic selling, the trader opted to diamond-hand his holdings in the meme coin, a decision that ultimately paid off.

Pippin Surges 218% In the Last 24 Hours

According to Lookonchain, the trader bought PIPPIN two months ago, spending 5,441 SOL, which was valued at around $1.15 million at the time, to purchase 20.46 million PIPPIN coins. After the steep correction, the meme coin began rallying as traders rushed to buy PIPPIN.

Lookonchain highlighted that the meme coin’s market cap surged past the $180 million mark. As a result, the trader’s PIPPIN holdings are now valued at around $3.68 million, giving the trader an unrealized gain of more than $2.5 million. Notably, the trader has not yet sold any of the PIPPIN holdings.

PIPPIN Surges Despite Crypto Fear Index Hitting 2023 Low

CoinGecko data showed 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.

Moreover, the US Government also received the greenlight to sell the $6.5 billion worth of Bitcoin that was 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.