James Wynn Places $12 Million Long Bet on PEPE After Bitcoin Loss
Trader James Wynn placed a $12 million long bet on PEPE after losing over $100 million in bitcoin positions.
- Wynn opened a new 10x leveraged long position of more than $12 million on PEPE.
- He holds 934 million PEPE tokens valued at approximately $12.1 million with an entry price of $0.0129, netting an unrealized gain of 10.66%.
- Wynn previously had a record-setting $1.25 billion long position in bitcoin at an average price of $108,243, which collapsed when bitcoin dipped below $105,000.
- Liquidations included a 527 BTC position worth over $55 million and a 421 BTC position worth nearly $44 million.
- The recent activity raises questions about Wynn's identity and motives, whether he is a real trader or part of a marketing strategy for Hyperliquid.
- Hyperliquid demonstrated its capability to handle large trades using smart contracts, with its token HYPE increasing by 20% over the past two weeks.