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By Shaurya Malwa|Edited by Parikshit Mishra
May 30, 2025, 11:59 a.m.
- James Wynn, a prominent trader, placed a $12 million long position on PEPE futures after losing over $100 million in Bitcoin trades.
- Wynn’s new position on the memecoin PEPE has already yielded an unrealized gain of 10.66%.
- The recent trading activities have highlighted Hyperliquid’s ability to manage large transactions using smart contracts and its blockchain.
“James Wynn,” the closely-watched trader, has now placed a $12 million worth of long bet on PEPE just hours after losing over $100 million in bitcoin
long positions.
Wynn, known for placing billion-dollar bets on the onchain trading platform Hyperliquid, opened a new 10x leveraged long worth more than $12 million on the memecoin PEPE, Hyperdash data shows.
STORY CONTINUES BELOW
Wynn now holds 934 million PEPE tokens valued at approximately $12.1 million. His entry price of $0.0129 has already netted him an unrealized gain of 10.66%—a small but notable pivot after last week’s disastrous Bitcoin trade.
Wynn’s bitcoin losses are the stuff of crypto legend. Earlier in the week, he had built a record-setting $1.25 billion notional long position at an average price of $108,243, only to see it collapse as bitcoin’s dipped below $105,000 after U.S. President Donald Trump’s tariff announcement on EU exports.
Multiple liquidations — including a 527 BTC position worth over $55 million and a 421 BTC position worth nearly $44 million — wiped out more than $100 million of Wynn’s holdings over the past days.
As such, the latest move into PEPE has got traders wondering if Wynn is a real person with a gambling addiction — or an account funded to drum up attention to Hyperliquid.
Either way, the money is real and the week-long saga has proven Hyperliquid’s capability to handle billions of dollars in a single trader wholly using smart contracts and its native blockchain.
The hype has turned out real for Hyperliquid’s own HYPE, with the token up 20% in the past two weeks amid the recent attention to the platform.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
