25x Long Position on Ethereum Worth Over $12 Million!

On-chain data indicates that Wynn opened a 25x leveraged position on 3,269 Ethereum, valued at approximately $12.12 million. His entry price is $3,726.28, and the liquidation point is set at $3,492.8. The trade currently reflects an unrealized loss of around $62,700.

812 Million PEPE Tokens Included in His Second Trade

Wynn’s second move involved a 10x leveraged position on PEPE. The position comprises 812.16 million tokens at an average entry price of $0.01358, totaling $11.28 million in value. This position currently shows an unrealized profit of $251,617.

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Before initiating these trades, Wynn deposited 536,573 USDC into Hyperliquid, a decentralized perpetuals exchange, indicating a calculated return to high-risk strategies.

A Return After Heavy Losses Earlier This Year

Wynn became known for previous high-profile losses, including a $100 million Bitcoin leveraged position that was liquidated on May 30, followed by a $25 million loss on June 5. After these incidents, he deactivated his social media accounts and updated his profile with the word “broke.”

In July, Ethereum gained over 20%, leading to one of the largest short squeezes in recent history. Market analysts suggest that if ETH surpasses $4,000, more leveraged short positions could be liquidated.

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PEPE Price Analysis:

Popular memecoin PEPE is drawing attention to its current price zone. Memecoin, which is traded at $ 0.00000923, gives hope for the rise in investors.

PEPE experienced a decline, affected by the dynamics in the market. However, it continues to increase by 1.8 percent during the day. In PEPE, the support zone is at $0.00000873, while the resistance zone is at $0.00000973.

FET Price Analysis:

FET also starts the day with stagnation, changing hands at $1.2. FET is looking for new highs after the market collapse after a long downtrend.

The support zone for the cryptocurrency, which is currently traded at $1.2, is at $1.1 while the resistance zone is at $1.3.

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The post PEPE and FET Price Analysis – 10 July 2024 appeared first on Coin Engineer.