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Key Insights:
- A newly created wallet deposited 701K USDC into Hyperliquid, then went long on PEPE and WIF with 10x leverage.
- James Wynn responds to Lookonchain on ties to this newly created account.
- PEPE has been one of the strongest coins throughout this cycle. If the trend persists, PEPE could reach as high as $0.00006 to $0.00009. On the other hand, WIF is approaching a key support zone.
A newly created wallet deposited $701K USDC into Hyperliquid. It then opened $4.5M in leveraged long positions on PEPE and WIF, aiming to profit from the recent market dip. This trade went long on two trades, each with 10x leverage on Pepe (PEPE) and dogwifhat (WIF).
The wallet acquired 258 million PEPE tokens worth $2.5 million. It also bought 2.47 million WIF tokens valued at $2 million, according to Lookonchain data. The PEPE position was already lost when writing, while the WIF profited.
The ongoing correction gave a discount for traders looking to accumulate for the upcoming quarter of the year. Bears seem to be still holding tightly to their shorts, but bulls were slowly returning.
The new wallet has raised a lot of attention following the rampant liquidation of longs on the Hyperliquid platform. The on-chain analysis platform poked into James Wynn, asking if this was the wallet that belonged to him.
James Wynn profited by over 20,000x when PEPE first hit the crypto markets. He remained influential in trading despite losing trades since the bull market ended late Q1 and early Q2.
James Wynn Denies Ties New Wallet Betting Big on PEPE and WIF
Lookonchain’s question did not sit well with James Wynn, who refuted these claims. Wynn furiously replied in the comments section, “This isn’t me, I don’t trade with nickels and dimes. 8 figure+ positions only.”
The response showed that Wynn was not pleased with Lookonchain linking the wallet to him. However, the dust is yet to settle. The claims made by Lookonchain could be accurate. However, they were yet to be verified, as Wynn could hide his identity.
James Wynn also clarified that the viral account linked to him was old. Also, he said that he used it to trade from capital gained through referrals. He implied that its maximum leveraged trades were placed without thought.
Wynn was, however, not satisfied with his response and asked why they thought the wallet was tied to him. These trades could ignite a myriad of them now that Wynn was tagged.
This could mean that these memecoins were around key accumulation zones. Meanwhile, ‘buy the dip’ talks gradually increased among key opinion leaders like Unipcs, an early BONK buyer.
Price Reactions and Predictions For PEPE, WIF
The wallet entered PEPE for $0.000000967. It was already down about $4,732 in unrealized losses as the market dipped below the entry level. The liquidation price was set at $0.00000776.
From a numerical perspective, Pepe was among the strongest memecoins throughout the cycle. PEPE had distinct channel formations, breakouts, and rallies.
Bitcoinsensus predicted that PEPE could hit a peak value between $0.000006 and $0.00009 if the trend channel were respected. In the meantime, the price could slide below the support trendline briefly to trap shorts.
On the other hand, WIF had gained about $1,441 as the trade was taken at $0.8128. The price of WIF when writing was at $0.816, with the liquidation price at $0.612.
The four-hour chart indicated the memecoin had broken above a falling wedge per Tektonic on CoinMarketCap. WIF was attempting to pass the sell wall at $0.816. Completing the corrective wave could result in a move to just below $1.
In summary, as Wynn refuted ownership of the wallet, only time can tell the truth. However, the actions were signs that big players were making their way back, but in tiny bits, and were influential.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
