‘Severely undervalued,’ says influencer on PEPE, but activity suggests otherwise
The post ‘Severely undervalued,’ says influencer on PEPE, but activity suggests otherwise appeared on BitcoinEthereumNews.com.
In the vast and still experimental cryptocurrency market, influencers and enthusiasts often share insights into their favorite cryptocurrencies. Usually, they will hold these assets as personal investments—a normal behavior expected from someone enthusiastic about an asset. However, influencers can use their influence to lure exit liquidity for tokens they hold but do not plan to keep in the long term. This is what recent on-chain and social activities suggest could have happened to a known meme coin trader. Notably, Lookonchain spotted a possible divergence between words and on-chain activity from James Wynn (@JamesWynnReal) on X on May 25. Influencer James Wynn’s PEPE dilemma As the on-chain analyst reported, Wynn recently deposited $7.54 million worth of 491 billion PEPE to a Binance account. Etherscan data shows the deposit occurred at 07:31 a.m. +UTC under the transaction ID ‘0xb46…3afd5c.’ 0xb46b036c6ed411d86bdab8fc0990af9a681b5e1d2635efd8f539fd6c573afd5c. Source: Etherscan Interestingly, the influencer then posted that “PEPE is still severely undervalued” one hour after the deposit. According to screenshots taken and shared by Lookonchain, James Wynn continued with two other bullish-biased posts related to PEPE. These posts are currently inaccessible because the trader locked his account on X. James Wynn’s “these posts are protected” warning. Source: X / Finbold Depositing from a self-custody wallet to crypto exchanges usually means an intention to sell and is a commonly used indicator. Previously, Wynn spent $8,524 to buy 2.83 trillion PEPE, which equals $44.4 million at current prices. The influencer has been partially selling this amount over time. Now, his most recent activity dumped nearly half of the remaining reserves held at jwynn.eth. As of this writing, the account still holds 476.8 billion PEPE, worth approximately $7.48 million. PEPE, meme coins, and the Greater Fool Theory Meme coins, such as PEPE, often lack fundamental value and are driven by hype and social media…
Filed under: News - @ May 25, 2024 1:08 pm