Hyperliquid Whale James Wynn Offloads All Of His Pepe Coin Holdings

Crypto trader James Wynn, popular for his high-leverage bets on decentralized platform Hyperliquid, has deposited a massive 443 billion PEPE holdings on crypto exchange binance in the last three hours. Market experts believe that Wynn could probably dump all of his meme coin holdings as he goes all-in on his Bitcoin bet.

James Wynn Deposits 443.73 Billion of Pepe coin to Binance

Prominent crypto trader James Wynn has transferred a total of 443.73 billion PEPE tokens, valued at approximately $4.41 million, to crypto exchange Binance within the past three hours, as per data from Arkham Intelligence.

Wynn has made these deposits in two tranches, which include his earlier deposit of 240 billion PEPE, followed by a recent deposit of 203.73 billion PEPE, worth $2.82 million. Market analysts are speculating that Wynn is doing this to fund a his next Bitcoin long position. The crypto trader has been doubling down on his 40x Bitcoin long position.

This has further sparked discussion of the potential impact on the PEPE price, which is down 2% today, but still stands firm with 53% gains on the monthly chart.

Is James Wynn Wrong Again?

As reported by coingape earlier, Wynn’s recent trades have not been on mark as he has made quite a few loss making bets. His has lost nearly $60 million in last 7 days after being up by $80 million in unrealised profits. Considering this many analysts are now questioning his moves.

Following James Wynn’s 10x long position on PEPE earlier this week, other whales also jumped in, accumulating a large number of the memecoin. A recent report from prominent blockchain tracker Whale Alert has highlighted a significant transaction involving the meme coin PEPE. Approximately 2 trillion PEPE tokens, valued at $27.89 million, were moved from the Bybit cryptocurrency exchange to an unknown wallet.

His Pepe coin transfer comes amid heightened bullish activity around the memecoin, as the PEPE price has jumped 50% over the past month. This isn’t the first notable movement for the meme coin. Between May 21 and May 23, the price surged, reaching $0.00001606 before retracing nearly 19% to a low of $0.00001303, and bouncing once again.

As per the Coinglass data, the PEPE futures open interest has surged 5.89% to more than $600 million, showing strong bullish sentiment among traders. As per the CoinGape report, the bull fractal indicator predicts a 103% PEPE price rally in the coming weeks. While, James wynn seems to be selling his Pepe coin holdings, data seems quite bullish. Will it be another of his loss making trades?