James Wynn, a well-known "memecoin maxi" trader, has taken a significant 10x leveraged long position on the memecoin PEPE as its price shows strong signs of entering another bullish leg. Despite PEPE rallying nearly 90% in May after breaking out of a prolonged consolidation range, Wynn is confident in further upside potential between 20% and 40%.
PEPE's price action features a bullish structure with higher lows and higher highs, currently at around $0.000014. It remains supported above key moving averages, including the 20 EMA and 50 SMA, which crossed bullishly since mid-April. Price support at the 20 EMA absorbed recent dips to approximately $0.000012, enabling a rebound.
The upcoming price targets for PEPE include $0.000017, representing a 20% gain, and a further $0.000020 to $0.000021 level, marking a potential 40% increase. These levels correspond to significant previous resistance and support zones established in late 2024 and early 2025.
Wynn's aggressive move is notable given his track record of high-return profitable bets on memecoins like Fartcoin (FARTCOIN) and Trump (TRUMP), as well as his involvement with Moonpig (MOONPIG), which surged nearly 3000% recently. His current PEPE position aligns with his pattern of bold memecoin investments.
Separately, Wynn recently shifted focus from his notable billion-dollar bitcoin (BTC) trades, having closed a massive $1.2 billion BTC long with a loss, then opening a $1 billion short at 40x leverage. After netting $25 million profit on bitcoin trades, Wynn declared stepping away from perpetual trading on-chain.