James Wynn has transferred a total of 443.73 billion PEPE tokens, valued at approximately $4.41 million, to the cryptocurrency exchange Binance in the last three hours, according to data from Arkham Intelligence.
Wynn has made these deposits in two tranches: his previous deposit of 240 billion PEPE, followed by a recent deposit of 203.73 billion PEPE, worth $2.82 million. Market analysts speculate that Wynn is doing this to fund his upcoming long position in Bitcoin. The cryptocurrency trader has been doubling down on his 40x long position in Bitcoin.
This has sparked further debate about the potential impact on the price of PEPE, which has dropped 2% today but still remains strong with a 53% gain on the monthly chart.
Wynn's recent trades have not been correct, as he has made several losing bets. He has lost nearly $60 million in the last 7 days after accumulating $80 million in unrealized gains. For this reason, many analysts question his decisions.
Following James Wynn's 10x long position in PEPE earlier this week, other whales also joined in, accumulating a large amount of the memecoin. A recent report from the prominent blockchain tracker Whale Alert highlighted a significant transaction related to the memecoin PEPE. Approximately 2 trillion PEPE tokens, valued at $27.89 million, were transferred from the cryptocurrency exchange platform Bybit to an unknown wallet.
His transfer of PEPE coins comes amid intense bullish activity surrounding the memecoin, as the price of PEPE has risen 50% in the last month. This is not the first notable move of the memecoin. Between May 21 and May 23, the price skyrocketed, reaching $0.00001606 before pulling back nearly 19% to a low of $0.00001303 and bouncing back again.
