The crypto whale-turned-internet-celebrity James Wynn is back at it, completely selling out their multi-million dollar bags of Pepe Token (PEPE). This had many crypto market observers surprised, as the recently closed long PEPE price position brought the PEPE whale a humongous deficit of $858,580.
Why Wynn Switched PEPE For Bitcoin
The 10x leveraged play on the popular frog-styled meme coinโs price was started off with $20 million on HyperLiquid, an upcoming decentralized finance (DeFi) platform with dedicated on-chain order books. Even though the latest play on PEPE didnโt pan out well, James Wynn remains over $25 million up in overall PEPE trades on Derivatives, says LookOnChain.
Right now, the famous crypto whale has flipped the script & entered a 40-x leveraged Bitcoin (BTC) price position on HyperLiquid & Binance. The latest move coincided with the annual Bitcoin conference, hosted in Las Vegas with mega starts from the crypto industry.
Sponsored
As 500 crypto ladies are brunching together in the Women of Bitcoin initiative, Senator Lummis revealed that the U.S. is planning to acquire 1M Bitcoins as a part of a long-term investment vehicle driven by the ground-breaking Strategic Bitcoin Reserve Act, which is already on the Senate floor.
Bitcoin: A Shelter Against Instability?
While the showpiece digital asset continues to trade in phased consolidation for the past 24 hours, the aforementioned trader likely assumed that enthusiasm surrounding the largest Bitcoin community meeting would restore Bitcoin (BTC) price back above $111K. While this didnโt happen yet, crypto enthusiasts are networking in the heat of Nevada desert.
Presently, BTC price is trading at $108,838, retracing 2.7% since the freshly claimed all-time high. 6 days ago, Bitcoin (BTC) rocketed to $111,814, producing a new price record as BTC saw a massive inflow from both institutional & retail investors, seeking to hedge against fiat instability or geopolitical tensions.
On The Flipside
- James Wynnโs latest play on Bitcoin could be seen as ill-timed, as it’s just $3K away from a staggering liquidation.
- The $1.25 billion Bitcoin (BTC) price position with 49x leverage is now barely $19M with liquidation at $105,180.
Why This Matters
The frog-themed meme coinโs cultural appeal has been a catalyst in PEPE coinโs rise to a TOP 20 crypto by market cap, topping $11 billion during the record price run in December, 2024.
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