On-chain trackers flagged a new wallet that deposited $701,000 USDC into Hyperliquid before opening two large 10x leveraged long positions.
The positions, worth a combined $4.5 million, are split across PEPE and WIF, two of the most actively traded meme tokens.
- 258 million kPEPE (notional value $2.5 million)
- 2.47 million WIF (notional value $2 million)
The combined exposure of the trades is about $4.5 million.
Technical analysis
PEPE/USDT (1-hour, Binance)
- Price at snapshot: 0.000000959
- Range context (last 10 days)
Price has oscillated inside 0.00000092–0.00000101, with multiple intraday rejections near the top of the range and several tests of the lower band.
Structure
- After a late-August selloff, PEPE formed a short-term base around 0.00000090–0.00000092.
- Since Sept 2, candles show equal-highs clustering at 0.00000099–0.00000101 and higher lows from 0.00000092 → 0.00000094 → 0.00000095, indicating compression into the range top.
Key levels
- Support: 0.00000095 (intraday pivot), 0.00000092 (range floor), 0.00000090 (fail-safe from Aug/Sept lows).
- Resistance: 0.00000099–0.00000101 (range cap), then 0.00000104–0.00000105 (prior spike highs).
Volume clues
- Spikes in sell volume on Aug 29–30 coincided with the dip to ~0.00000090.
- A visible buy-side volume burst on Sept 5 accompanied a push back to the 0.00000097–0.00000099 area, but follow-through stalled below 0.00000101.
Breakout / breakdown markers
- Breakout trigger: 1-hour close above 0.00000101, opening a measured move target near 0.00000110 (adds ~9e-8 range height).
- Breakdown trigger: 1-hour close below 0.00000092, opening a measured move toward 0.00000083.
What to monitor
- Reaction on retests of 0.00000095 (near-term control level).
- Whether successive 1-hour highs can settle above 0.00000100 (confirms range expansion).
- If price revisits 0.00000092 with rising sell volume, risk of range failure toward 0.00000090 increases.
WIF/USDT (1-hour, Binance)
- Price at snapshot: 0.800
- Range context (last 10 days): Sideways to up since the $0.71 washout on Sept 2, with price rotating between $0.74–$0.83.
Structure
- WIF local bottom formed at $0.71 with a long lower wick and high volume on Sept 2.
- Since then, higher lows have developed ($0.74 → $0.77 → $0.79–$0.80), while highs continue to stall at $0.82–$0.83.
Key levels
- Support: $0.80 (intraday pivot), $0.77, $0.74; deeper support $0.71 (swing low).
- Resistance: $0.82–$0.83 (range cap), then $0.87–$0.88 (late-August supply), followed by $0.92.
Volume clues
- Largest recent volume printed on the $0.71 → $0.78 rebound, suggesting responsive demand.
- Subsequent pushes into $0.82–$0.83 have shown lighter follow-through, keeping price capped.
Breakout / breakdown markers
- Breakout trigger: 1-hour close above $0.83, implying a measured move toward ~$0.92 (adds ~$0.09 range height).
- Breakdown trigger: 1-hour close below $0.74, implying potential continuation toward ~$0.65.
What to monitor
- Holding $0.79–$0.80 on pullbacks (keeps the series of higher lows intact).
- Expansion in buy volume on any break over $0.83; lacking that, risk of another rotation back to $0.77–$0.74.
- Reaction if price retests $0.71; loss of this level would negate the current recovery structure.
