Crypto millionaire James Wynn stated that the downturn in the August market is coming to a close, despite his recent liquidations involving a memecoin by an alleged market maker “cabal.”
Wynn faced liquidation on his latest 10x leveraged long position that anticipated an increase in the price of Dogecoin (DOGE), incurring a loss of $22,627, as per information from blockchain data platform Onchain Lens’ Monday X post.
This loss was relatively minor for Wynn, especially compared to a leveraged $100 million position that was liquidated on May 30, when BTC dipped below a 10-day low of $105,000.
Wynn attributed his recent liquidation to cryptocurrency market makers who “wiped out” his leveraged long positions, suggesting it might indicate the end of the market correction.
“Timeline bearish and calling for the bear market. Time to go max long,” the millionaire leveraged trader declared in a Tuesday X post.
Leveraged positions utilize borrowed funds to amplify the size of an investment, increasing both potential gains and losses, which makes leveraged trading riskier compared to spot trading.
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Despite this, Wynn has accumulated a total loss of $21.7 million on a single account since March 19, when he began trading via wallet 0x5078 on the decentralized exchange Hyperliquid, according to data from Hyperdash.
The latest liquidation occurred less than two months after Wynn lost nearly $25 million on June 5, following a liquidation of a $100 million Bitcoin wager made on June 3.
After establishing a second $100 million leveraged Bitcoin position, Wynn claimed that major market players were deliberately targeting his liquidation threshold.
Related: Mystery whale opens $300M leveraged Bitcoin bet: James Wynn alt account?
James Wynn criticizes memecoin ‘cabal’ for exploitative practices
Wynn accused the memecoin “cabal” of exploitative market behaviors, including “orchestrated pump and dump” schemes.
“Forget the memecoin cabal; you provide them with supply, and they just dump on you. They’re thieving scavengers,” he expressed in a Saturday X post, adding:
“I’m creating my own meme coins. Where KOLs see absolutely nothing.”
Wynn has experienced several liquidations on memecoins this year, including a loss exceeding $1 million on his 10x leveraged Pepe (PEPE) position, which was valued at around $11.2 million when initiated on July 20, as reported by Cointelegraph.
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