Crypto millionaire James Wynn indicated that the downturn in the August market was coming to a close, despite his latest memecoin liquidation attributed to an alleged market maker “cabal.”
Wynn faced a liquidation on his recent 10x leveraged long position betting on a rise in Dogecoin (DOGE), resulting in a loss of $22,627, as reported by blockchain data platform Onchain Lens in a Monday X post.
This loss is relatively minor for Wynn compared to the substantial $100 million position that was liquidated on May 30 when BTC momentarily dropped below a 10-day low of $105,000.
He attributed his recent liquidation to crypto market makers who “wiped out” the leveraged long positions, suggesting it could signal the end of the ongoing market correction.
“Timeline bearish and calling for the bear market. Time to go max long,” the millionaire leverage trader expressed in a Tuesday X post.
Leveraged positions involve borrowed funds, increasing the size of both potential gains and losses, making this type of trading riskier than spot trading.
Related: Ether trader nearly wiped out after epic run from $125K to $43M
Nonetheless, Wynn has recorded a total loss of $21.7 million on a single account since March 19, when he began trading through wallet 0x5078 on the decentralized exchange Hyperliquid, as indicated by data from Hyperdash.
The latest liquidation occurred less than two months after Wynn lost nearly $25 million on June 5, following the liquidation of a $100 million Bitcoin bet initiated on June 3.
After establishing a second $100 million leveraged Bitcoin position, Wynn alleged that orchestrated actions from significant market participants were specifically targeting his liquidation level.
Related: Mystery whale opens $300M leveraged Bitcoin bet: James Wynn alt account?
James Wynn blames memecoin ‘cabal’ for exploitative practices
Wynn accused the memecoin “cabal” of exploitative market practices, including “orchestrated pump and dump” schemes.
“Damn the memecoin cabal, you supply them and they simply dump on you. They’re thieving scavengers,” he remarked in a Saturday X post, adding:
“I’m creating my own meme coins. Where KOLs receive exactly zero.”
This year, Wynn has faced multiple liquidations on memecoins, including a loss exceeding $1 million on his 10x leveraged Pepe (PEPE) position, valued at around $11.2 million when launched on July 20, as reported by Cointelegraph.
Magazine: Altcoin season 2025 is almost here… but the rules have changed
