James Wynn wiped on 10x DOGE bet, as he prepares to 'go max long'

1 week ago

The millionaire leverage trader was liquidated connected his latest DOGE position, arsenic helium predicted an extremity to the existent marketplace downturn.

James Wynn wiped connected 10x DOGE bet, arsenic helium prepares to 'go max long'

Crypto millionaire James Wynn said the August marketplace downturn was ending, adjacent aft his latest memecoin liquidation by an alleged marketplace shaper “cabal.”

Wynn was liquidated connected his caller 10x leveraged long presumption that was betting connected a Dogecoin (DOGE) terms appreciation, losing $22,627, according to blockchain information level Onchain Lens’ Monday X post.

That was a comparatively tiny nonaccomplishment for Wynn, compared to his leveraged $100 cardinal presumption that was liquidated connected May 30, erstwhile BTC concisely dipped beneath a 10-day debased of $105,000.

Wynn blamed his caller liquidation connected cryptocurrency marketplace makers who "wiped out” the leveraged agelong positions, which helium said whitethorn beryllium a awesome for the extremity of the marketplace correction.

“Timeline bearish and calling for the carnivore market. Time to spell max long,” the millionaire leverage trader wrote successful a Tuesday X post.

Leveraged positions use borrowed wealth to summation the size of an investment, which tin boost the size of some gains and losses, making leveraged trading riskier than spot trading.

Still, Wynn has realized a $21.7 cardinal full nonaccomplishment connected a azygous relationship since March 19, erstwhile helium started trading via wallet 0x5078 connected the decentralized exchange Hyperliquid, information from Hyperdash shows.

The latest liquidation came little than 2 months aft Wynn lost astir $25 million connected June 5, aft being liquidated connected a $100 cardinal Bitcoin bet that was opened connected June 3.

After opening a 2nd $100 cardinal leveraged Bitcoin position, Wynn claimed that orchestrated efforts from large marketplace participants were deliberately targeting his liquidation level.

James Wynn blames memecoin ‘cabal’ for extractive practices

Wynn blamed the memecoin “cabal” for extractive marketplace practices, specified arsenic “orchestrated pump and dump” schemes.

“Fuck the memecoin cabal, you springiness them proviso and they conscionable dump connected your head. They’re thieving scavengers,” helium wrote successful a Saturday X post, adding:

“I’m making my ain meme coins. Where KOLs get precisely zero.”

Wynn has suffered several liquidations connected memecoins this year, including an implicit $1 cardinal nonaccomplishment connected his 10x leveraged Pepe (PEPE) position, which was worthy astir $11.2 cardinal erstwhile opened connected July 20, Cointelegraph reported.