In a move that’s causing ripples across the crypto community, James Wynn, the trader renowned for his audacious billion-dollar Bitcoin bet, has pivoted to Pepe (PEPE), a memecoin known for its volatility. This shift comes just days after Wynn, operating under the pseudonym “moonpig” on the decentralized exchange Hyperliquid, closed a colossal Bitcoin position with a substantial loss, only to dive into the high-stakes world of memecoins with a $1 million leveraged long on PEPE.
From Bitcoin to Memecoins
James Wynn isn’t your average trader. Known for making headlines with his jaw-dropping $1.2 billion Bitcoin position, Wynn recently closed this trade at a $17.5 million loss. Not one to be deterred by setbacks, Wynn quickly pivoted, opening a $1 billion short on Bitcoin using 40x leverage, effectively betting his entire $50 million wallet on the cryptocurrency’s decline.
This bold strategy paid off to some extent, netting him approximately $3 million in profit as Bitcoin’s price dipped slightly below his entry point. However, the risk was immense—had Bitcoin surged past $110,446, his position could have been liquidated, risking his entire investment unless more collateral was posted.
The crypto maverick’s latest venture into PEPE, with a $1 million bet at 10x leverage, is already showing promise. As of the European morning hours, this position is up by $500,000, buoyed by PEPE’s 6% increase over just a few hours. It seems that Wynn’s knack for high-stakes trading may be paying off once again, albeit in a market known for its unpredictability.
The Allure and Risks of Memecoins
Wynn’s move into PEPE highlights an intriguing trend among traders seeking high-risk, high-reward opportunities in lesser-known cryptocurrencies. Memecoins like PEPE are characterized by their extreme volatility and often lack the fundamental backing of more established digital assets like Bitcoin or Ethereum. This is a trend seen across the crypto space, as Crypto token failures soar, with 1 in 4 launched since 2021 dying in Q1, underscoring the inherent risks involved.
According to crypto analyst Sarah Thompson, “Traders like Wynn are drawn to memecoins because they offer the potential for explosive gains. However, the flip side is that they can be incredibly risky, with prices capable of swinging dramatically in either direction in a short period.”
For Wynn, who has publicly stated his intent to “leave the casino” with his profits, this foray into PEPE could be a final flourish in his trading saga. While he has expressed a desire to step back from perpetual trading, his moves continue to captivate the crypto community, serving as a reminder of the exhilarating—and sometimes perilous—nature of digital asset trading.
A New Chapter for Wynn and Crypto Markets
As Wynn’s story unfolds, it raises questions about the future of onchain trading platforms and the role they will play in the evolving landscape of cryptocurrency markets. Hyperliquid, the platform where Wynn executed his record-breaking trades, has emerged as a key player, enabling traders to place significant bets directly on the blockchain.
The implications for the wider market are significant. Wynn’s massive bets underscore the growing influence of decentralized exchanges and the potential for large-scale trades to impact market dynamics. As more traders flock to these platforms, traditional exchanges may need to adapt to meet the demand for more transparent and accessible trading venues. This shift mirrors the resilience seen in other areas of the crypto market, such as Dogecoin’s stability despite Elon Musk’s controversies.
Looking ahead, Wynn’s departure from the trading arena leaves a void that other ambitious traders may seek to fill. His story serves as both an inspiration and a cautionary tale, illustrating the dizzying highs and perilous lows of high-stakes crypto trading.
In the ever-changing world of digital currencies, Wynn’s journey reminds us that fortunes can be made—and lost—at the click of a button. Whether his venture into PEPE marks the end of his trading career or simply the beginning of a new chapter remains to be seen. As with many things in crypto, only time will tell.
Source
This article is based on: James Wynn, the Trader Who Bet $1B on Bitcoin, is Now Long Pepe
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
