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Cryptocurrency News Articles

One of the most closely watched crypto wallets in recent weeks is now betting on pepe (PEPE)

May 26, 2025 at 04:07 pm

The wallet has gone long on PEPE with $1 million at 10x leverage, flipping from billion-dollar bitcoin trades to high-stakes memecoin bets.

One of the most closely watched crypto wallets in recent weeks is now betting on pepe (PEPE)

One of the most closely watched crypto wallets in recent weeks is now betting on pepe (PEPE), days after drumming up a record billion-dollar notional position on bitcoin (BTC).

The wallet, linked to pseudonymous trader “James Wynn” — known as “moonpig” on decentralized exchange Hyperliquid — has gone long on PEPE with $1 million at 10x leverage, flipping from billion-dollar bitcoin trades to high-stakes memecoin bets. The position is already up $500,000 as of European morning hours, with pepe up nearly 6% in the past few hours.

Wynn closed their $1.2 billion BTC long position with a $17.5 million loss on Monday. The position was opened last week and saw the trader add to their existing $50 million fortune.

The trader then opened a $1 billion short using 40x leverage, effectively wagering their entire net worth on the downside. Both positions are a record for an onchain platform and represent the biggest bets placed entirely on a blockchain-based service.

Wynn’s new short was opened at an average price of $107,077, and has already netted about $3 million in profit as BTC hovered just below that level Monday, before losing some value.

The trade is a high-risk musical chairs event: if BTC rises above $110,446, Wynn’s position could be liquidated unless additional collateral is posted, data shows.

That position is since closed and Wynn said on X stepping away from perpetual trading altogether. They have netted a total profit of $25 million from an initial above $3 million, the account said on X.

“Now decided to leave the casino with my $25,000,000 profit. It’s been fun, but now it’s time for me to walk away a wynner,” he posted.

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Other articles published on Jun 05, 2025