In a jaw-dropping pivot, pseudonymous trader James Wynn has abandoned his billion-dollar Bitcoin bets to gamble on frog-themed meme coin PEPE. After closing a record $1.2 billion Bitcoin position with a $17.5 million loss, Wynn now risks $1 million on PEPE’s rise, a bet already netting $500,000 in hours. This abrupt switch highlights crypto’s extreme volatility, where fortunes flip faster than meme trends.
The $1.2 Billion Bitcoin Gamble That Crashed
Wynn, known as “moonpig” on decentralised exchange Hyperliquid, stunned markets Monday by shutting down his colossal Bitcoin long position. Initially peaking at $1.25 billion with 40x leverage, the trade unravelled as Bitcoin dipped below $107,000 amid geopolitical tensions. Despite briefly racking up $87 million in paper profits, Wynn exited with a $17.5 million loss equivalent to burning a luxury yacht. The pseudonymous trader had wagered his entire $50 million portfolio on Bitcoin’s surge, leveraging Hyperliquid’s blockchain-based platform. Analysts later revealed the position faced liquidation if Bitcoin topped $110,446, a threshold narrowly avoided. “This was musical chairs with a detonator,” said one observer.
A $1 Billion Short
Undeterred by losses, Wynn immediately opened a $1 billion Bitcoin short at $107,077 using 40x leverage betting against the asset he’d just championed. Within hours, Bitcoin’s slip to $106,500 handed him a $3 million profit. However, volatility soon reversed gains, prompting Wynn to close all perpetual trades permanently. “Time to leave the casino,” he declared on X, announcing a $25 million net profit from an initial $3 million stake. Critics argue the 45%-win-rate trader survived by sheer luck, while supporters hail his audacity. Either way, his Hyperliquid activity generated $2.31 million in platform fees, proof enough of his market-moving power.
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PEPE: The New Million-Dollar Obsession
By Tuesday, Wynn’s focus had shifted to PEPE, the meme coin he once turned into a $50 million jackpot. Depositing $1 million at 10x leverage, his new long position gained $500,000 as PEPE jumped 6% overnight. The trade boosted PEPE’s open interest by 18%, with market makers tripling liquidity to capitalise on the frenzy. This isn’t Wynn’s first PEPE rodeo. In 2023, he transformed $7,600 into $50 million by predicting its meteoric rise. Yet past wins haven’t shielded him from backlash: His April 2024 promotion of the ELON token triggered a 100x pump before a 70% crash, alienating some followers.
Risks and Ripples
Wynn’s strategies hinge on dangerous leverage: 40x for Bitcoin, 10x for PEPE, with liquidation looming if PEPE drops to $0.01096 or Bitcoin sinks below $105,179. Analysts warn such bets have 74% failure odds in volatile markets. “One tweet from Trump could erase everything,” noted Crypto News, referencing the tariff announcement that initially tanked Bitcoin. On the other hand, PEPE faces its own reckoning. Despite its 3% post-trade surge, bearish indicators suggest a possible 30% plunge if support cracks. “Retail traders mirroring Wynn play with fire,” cautioned TradingView, noting his $25 million PEPE profit-taking earlier crashed prices 5%.
What’s Next for Crypto’s Most Watched Wallet?
Though Wynn claims he’s “done gambling,” data reveals a $75 million Bitcoin long position still active as a hedge against his PEPE bet. Hyperliquid’s HYPE token jumped 12% as traders flocked to the platform, briefly outpacing Ethereum in derivatives volume. On X, Wynn cryptically posted: “I feel safe in Pepe. NFA. Dyor.” Yet safety seems alien to a man who turned $7,600 into millions via frog memes. As markets brace for his next move, one truth remains: In crypto’s Wild West, James Wynn is both sheriff and outlaw riding leverage until the wheels fall off.
Written By Fazal Ul Vahab C H
