Popular crypto trader James Wynn has opened a large long position on PEPE in an attempt to pursue profit.
Analysis from the past 24 hours indicated that more market participants were aligning with this sentiment as acquisitions increased.
Pepe [PEPE] has started trending upward over the last 25 hours, recording a 2.15% gain—an extension of its performance over the past week.
Market analysis suggests the asset has the potential to continue this upward trend. However, there is a risk of reversing gains, especially as a high-profile trader weighs in on the asset.
Whale re-enters market with PEPE after $1B BTC loss
James Wynn, a well-known trader who previously lost a $1 billion position on Bitcoin, has started betting on PEPE.
In the last 24 hours, analysis shows he created a new wallet and opened a long PEPE position worth $13.9 million.
Currently, he has an unrealized gain of $616,000 on this position, as the price has trended upward.
Source: Lookonchain
Wynn previously opened a $10 million position on PEPE through Hyperliquid but lost it when the market turned against him.
Just weeks earlier, he was liquidated on a $99 million Bitcoin position after the price dropped below $105,000.
Wynn’s string of high-stakes losses on PEPE and Bitcoin now raises a critical question: Will PEPE maintain its bullish momentum, or is a bearish reversal on the horizon?
What does the spot and futures market say?
Recent analysis indicates that both market accumulation and rising derivative sentiment could drive PEPE higher.
Over the past week, $35 million worth of PEPE has been purchased, a continuation of trends observed in previous weeks.
Source: CoinGlass
This week’s emphasis on accumulation points to strong buying interest, suggesting traders see current price levels as attractive entry points.
In the Futures market, sentiment also leans bullish, with many traders opening long positions on the asset.
Supporting this outlook, the Open Interest Weighted Funding Rate stood at 0.0104% at press time. This indicates a bullish bias as more participants bet on further price increases.
Source: CoinGlass
This implies that most open contracts come from long traders paying the funding fee to maintain price balance.
Memecoin segment begins to perform well
Analysis shows that PEPE still holds strong rally potential as the memecoin market segment recovers.
In the past seven days, this segment has grown by 5.8%, outperforming tokens in the Bitcoin ecosystem as well as exchange tokens.
Source: Artemis
Ongoing accumulation and bullish trends in the derivatives market position PEPE for a significant breakout.
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