Whale Bets $10M on PEPE: Is This the Next Big Mistake? 🤔💸

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  • So, a Hyperliquid whale just threw down a cool $10M on PEPE. What a genius, right?
  • On-chain metrics are apparently backing this whale’s “brilliant” bet. Who knew?

Meet James Wynn, the renowned Hyperliquid whale and trader. He’s decided to take some of his Bitcoin profits and roll the dice on PEPE with a whopping $10 million. Because, you know, why not? 😏

Wynn pulled out about $28 million in profits over the weekend. Lookonchain’s analytics say he has a 45% win rate. So, what’s the deal? Will this PEPE bet actually pay off, or is it just another “ape in” moment? 🐒💰

Assessing PEPE’s Demand and Risk Levels

On-chain signals are apparently giving Wynn a thumbs up for his memecoin gamble. According to Glassnode’s Exchange Net Position Change, a staggering 10 trillion PEPE tokens were yanked from exchanges in May. Sounds impressive, right? Or just a lot of digital fluff? 🤷‍♂️

Last December, investors were scooping up 20 trillion discounted PEPE. Now, in Q2, we’re at about half that. So, traders are feeling bullish. Or maybe just a little too optimistic? Who knows! 🤔

From a profitability standpoint, about 65% of holders (that’s 285K addresses, by the way) are in the green. Not shocking, considering PEPE has skyrocketed over 140% in May, jumping from $0.0000059 to $0.000014. But hey, it’s just a memecoin, right? 😅

Even with these massive gains, the profitability levels aren’t screaming “sell-off” based on historical data. Back in early and late 2024, PEPE peaked when profitability hit 90%-97%. So, what’s the deal now? 🤔

As of now, that 65% profitability means bulls might still see more gains if the momentum keeps going. But let’s be real, the main resistance and potential “sell-off” zone is at $0.000016-$0.000018. About 103 trillion PEPE tokens were bought at this level. So, if the price hits that zone, expect some folks to cash out. 💸

The on-chain resistance is also clear on the price charts. It was last May’s peak and caused PEPE to pull back to March 2024 highs of $0.000008. So, if this hurdle sticks around, PEPE could retrace to the moving averages or lower support. Just what we need, right? 🙄

But hey, if they clear the supply zone, we might see $0.00002 – an extra 27% gain if it happens. Because who doesn’t love a good gamble? 🎰

In summary, PEPE might rise higher, but it has to clear that pesky resistance above $0.000016 to really take off. While on-chain indicators are leaning bullish, that $0.000016-$0.000018 hurdle is a key level that could trigger some serious profit-taking. Good luck with that! 😬

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2025-05-26 18:18