abandoned-his-billion-dollar-Bitcoin-bets-to-gamble-on-frog-themed-meme-coin-PEPE

In a jaw-dropping pivot, pseudonymous trader James Wynn has abandoned his billion-dollar Bitcoin bets to gamble on frog-themed meme coin PEPE.

Pseudonymous trader James Wynn has abandoned his billion-dollar Bitcoin bets to gamble on frog-themed meme coin PEPE after closing a record position with a $17.5 million loss.

Having initially peaked at $1.25 billion with 40x leverage, Wynn’s trade unraveled as Bitcoin dipped below $107,000 amid geopolitical tensions.

Despite briefly boasting $87 million in paper profits, he exited with a $17.5 million loss by Tuesday, enough to buy a luxury yacht.

The pseudonymous trader, known as “moonpig” on decentralised exchange Hyperliquid, had wagered his entire $50 million portfolio on Bitcoin’s surge, utilizing Hyperliquid’s blockchain-based platform.

Analysts later revealed that the position faced liquidation if Bitcoin rose above $110,446—a threshold he 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.

As Bitcoin slipped to $106,500 within hours, it handed him a $3 million profit. However, the cryptocurrency’s volatility soon reversed the 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 that the 45%-win-rate trader survived through sheer luck, while supporters hail his audacity. Either way, his Hyperliquid activity generated $2.31 million in platform fees, ample proof of his market-moving power.

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.

After depositing $1 million at 10x leverage, his new long position saw a $500,000 gain as PEPE rose 6% overnight. The trade also boosted PEPE’s open interest by 18%, with market makers tripling liquidity to capitalize on the frenzy.

This isn’t Wynn’s first PEPE rodeo. In 2023, he transformed $7,600 into $50 million by predicting the coin’s meteoric rise.

However, past wins haven’t shielded him from backlash. In April 2024, his promotion of the ELON token triggered a 100x pump before a 70% crash, turning off some followers.

Now, the pseudonymous trader faces a critical juncture as his risky trades come into sharper focus.

Risky Trades and Rolling Backups

Wynn’s strategies are defined by 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 that such bets have a 74% failure rate in volatile markets.

“One tweet from Trump could erase everything,” said Crypto News, referencing the tariff announcement that initially tanked Bitcoin.

On the other hand, PEPE faces its own reckoning. Despite a 3% surge after the trade, bearish indicators suggest a possible 30% plunge if support levels break.

“Retail traders mirroring Wynn play with fire,” cautioned TradingView, noting that his $25 million PEPE profit-taking earlier crashed prices by 5%.

What’s Next for Crypto’s Most-Watched Wallet?

Although Wynn claims he’s “done gambling,” data reveals a $75 million Bitcoin long position is still active as a hedge against his PEPE bet.

Hyperliquid’s HYPE token rose 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.” But 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.