Significant whale activity has been observed involving the memecoin PEPE and Bitcoin (BTC). A major PEPE investor realized over $10 million in profits by selling 150 billion PEPE tokens, originally acquired for roughly $2,184, and converting these holdings into Bitcoin. This move, facilitated through prominent exchanges like Coinbase and Binance, highlights a broader investor trend of switching assets from volatile memecoins to Bitcoin as a perceived stable store of value during price dips.
This whale-driven transaction has led to noticeable price volatility in both PEPE and Bitcoin, with PEPE experiencing a 16% price correction following the sale. The market impact resonates with historical patterns seen in other meme token whales’ unloading such as those involving DOGE and SHIB, which similarly coincide with price corrections and heightened market attention on Bitcoin.
In a related development, notable trader James Wynn exited a long position on PEPE, securing profits totaling $25.19 million, and significantly increased his Bitcoin holdings. Wynn now holds 11,588 BTC valued at approximately $1.25 billion and has set a liquidation price at $105,180 as a safeguard, signaling strong bullish conviction in Bitcoin’s future price appreciation despite recent short-term corrections. His move reflects strategic positioning to capitalize on Bitcoin's dip and potential rebound, aligned with technical indicators such as the golden cross pattern commonly observed in Bitcoin cycles.
The events underline ongoing liquidity shifts within the crypto market as investors rebalance portfolios amidst prevailing volatility. Bitcoin’s price exhibited a slight increase to around $108,989, although a drop in trading volume and rising liquidations among long traders indicate short-term uncertainty. Analyst commentary suggests the current correction could be a pause before a new upward phase, emphasizing that while meme coins like PEPE experience sharp fluctuations due to large sell-offs, Bitcoin continues to attract whale interest as a more stable asset.