James Wynn Goes Long Again on PEPE After $53M Loss; Bearish Charts Show Risk of Retest Near $0.0000060
On October 18, PEPE rose 4% after the memecoin dropped by 8% to $0.000007, showing volatility in the cryptocurrency market. On-chain data revealed that a whale trader, James Wynn, returned to the PEPE market after losing more than $53 million in liquidation.
According to the lookonchain analytics, all of Wynn’s leveraged positions on the Hyperliquid decentralized exchange were sold out in the sell-off. Shortly after, Wynn reopened the at 10x leverage. These trades were again partially liquidated, and about $39.2 million $kPEPE remained, valued at about $271,000. This swift re-entering shows that there is continued speculation in the memecoin despite the recent losses.
The liquidation incident occurred during a period of increased volatility in the crypto markets. The fall of to below $109,000 started a massive liquidation of futures amounting to over $1.2 billion in just under 24 hours. Bigger issues with the government shutdown in the US also strained the mood of investors, leading to mass sell-offs in altcoins, including PEPE.
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