The enigmatic trader known as James Wynn continues to captivate the crypto community, sparking debate on X over whether he’s a compulsive gambler or simply a marketing figure drawing attention to Hyperliquid.
Just hours after suffering a staggering $100 million loss on leveraged Bitcoin positions, Wynn placed a fresh $12 million long bet on the memecoin PEPE.
Data from Hyperdash reveals that Wynn, famed for his billion-dollar trades on the onchain platform Hyperliquid, opened a new 10x leveraged long position valued at over $12 million on PEPE tokens.
Currently, Wynn holds approximately 934 million PEPE coins, worth around $12.1 million. He entered the position at $0.0129 per token and has already seen an unrealized gain of 10.66%, marking a modest rebound following last week’s crushing Bitcoin losses.
Wynn’s earlier Bitcoin trade became legendary after he amassed a record $1.25 billion notional long position at an average price above $108,000. The position unraveled as Bitcoin plunged below $105,000, triggered in part by President Donald Trump’s tariff announcement on EU exports.
The fallout included multiple liquidations, such as a 527 BTC position valued at over $55 million and another 421 BTC position close to $44 million, erasing more than $100 million of Wynn’s holdings within days.
This bold shift into PEPE has left traders questioning whether Wynn is a real individual with a high-risk appetite or an orchestrated account created to boost Hyperliquid’s profile.
Regardless of the speculation, the capital behind these trades is genuine, and Wynn’s saga has showcased Hyperliquid’s ability to handle multi-billion-dollar activity through smart contracts on its native blockchain.
The platform’s own token, HYPE, has enjoyed a surge, rising 20% in the past two weeks amid the spotlight on Hyperliquid’s trading ecosystem.
