Crypto millionaire James Wynn said the August market downturn was ending, even after his latest memecoin liquidation by an alleged market maker “cabal.”
Wynn was liquidated on his recent 10x leveraged long position that was betting on a Dogecoin (DOGE) price appreciation, losing $22,627, according to blockchain data platform Onchain Lens’ Monday X post.
That was a relatively small loss for Wynn, compared to his leveraged $100 million position that was liquidated on May 30, when BTC briefly dipped below a 10-day low of $105,000.
Wynn blamed his recent liquidation on cryptocurrency market makers who “wiped out” the leveraged long positions, which he said may be a signal for the end of the market correction.
“Timeline bearish and calling for the bear market. Time to go max long,” the millionaire leverage trader wrote in a Tuesday X post.
Leveraged positions use borrowed money to increase the size of an investment, which can boost the size of both gains and losses, making leveraged trading riskier than spot trading.
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Still, Wynn has realized a $21.7 million total loss on a single account since March 19, when he started trading via wallet 0x5078 on the decentralized exchange Hyperliquid, data from Hyperdash shows.
Wynn-related wallet ‘0x5078.’ Source: HyperdashThe latest liquidation came less than two months after Wynn lost almost $25 million on June 5, after being liquidated on a $100 million Bitcoin bet that was opened on June 3.
After opening a second $100 million leveraged Bitcoin position, Wynn claimed that orchestrated efforts from major market participants were deliberately targeting his liquidation level.
Related: Mystery whale opens $300M leveraged Bitcoin bet: James Wynn alt account?
James Wynn blames memecoin ‘cabal’ for extractive practices
Wynn blamed the memecoin “cabal” for extractive market practices, such as “orchestrated pump and dump” schemes.
“Fuck the memecoin cabal, you give them supply and they just dump on your head. They’re thieving scavengers,” he wrote in a Saturday X post, adding:
Wynn has suffered several liquidations on memecoins this year, including an over $1 million loss on his 10x leveraged Pepe (PEPE) position, which was worth about $11.2 million when opened on July 20, Cointelegraph reported.
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Source: https://cointelegraph.com/news/james-wynn-crypto-liquidation-dogecoin-memecoin-cabal?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
