On-chain data traces an interesting transaction — a certain wallet, after locking up for over 5 months, just sold off 129.15 billion PEPE tokens in one go, converting them into approximately $821,000 in cash. At first glance, the profit seems substantial, but this trade actually resulted in a loss of $511,000. This move reflects the real dilemma faced by long-term PEPE investors: either continue to hold stubbornly or cut losses in time. According to the data, the holder chose the latter — after more than five months of waiting, they ultimately took a loss, perhaps adjusting their market outlook.