Top Trader Dumps PEPE Coin For Bitcoin In Epic ‘Buy The Dip’ Bet
The post Top Trader Dumps PEPE Coin For Bitcoin In Epic ‘Buy The Dip’ Bet appeared on BitcoinEthereumNews.com.
A new move from a named whale has placed PEPE coin and Bitcoin (BTC) USD in the spotlight. The cryptocurrency space is full of drama, intrigues, and careful calculations aimed at minimizing loss and maximizing profit. This might be the reason for the recent development where a top memecoin trader, James Wynn, dumped his PEPE holdings for Bitcoin (BTC). PEPE Coin Dump, Bitcoin Bet As highlighted by Lookonchain, the on-chain analytics platform, Wynn had previously bet long on PEPE’s price surge. He successfully exited the long position on Pepe and raked in a profit of $25.19 million. This suggests that Wynn timed the Pepe market well and made a staggering gain from the memecoin’s rally. In a surprise move, Wynn, after closing out PEPE coin with such profit, has turned attention to Bitcoin by going all-in on the leading digital currency. The renowned trader has also decided to go long on BTC USD, as he did with Pepe. That is, Wynn is betting that the price of Bitcoin will skyrocket in the future. The trader’s total position is 11,588 BTC, which is valued at around $1.25 billion. This massive investment emphasizes Wynn’s confidence in the future price outlook of Bitcoin. Wynn appears optimistic that despite the recent pullback in price after BTC flipped $111,000, the coin has the potential to soar even more. However, as a precautionary measure, Wynn has set a liquidation price of $105,180 on Bitcoin. If the BTC USD price slips below this level, his position will automatically liquidate to prevent a loss. This reflects the trader’s bullish sentiment on Bitcoin. Moves by whales such as Wynn sometimes trigger buy pressure in the crypto market. Is Market Pullback Following BTC USD Golden Cross Just a Pause? Meanwhile, amid Wynn’s bullish move, some traders might express concerns over…
