The millionaire leverage trader was liquidated on his latest DOGE position, as he predicted an end to the current market downturn.
News
Crypto millionaire James Wynn said the August market downturn was ending, even after his latest memecoin liquidation by an alleged market maker “cabal.”
Wynn was liquidated on his recent position that was betting on a Dogecoin () price appreciation, losing $22,627, according to blockchain data platform Onchain Lens’ Monday X .
That was a relatively small loss for Wynn, compared to his leveraged on May 30, when BTC briefly dipped below a 10-day low of $105,000.
Wynn blamed his recent liquidation on cryptocurrency market makers who “wiped out” the leveraged long positions, which he said may be a signal for the end of the market correction.
“Timeline bearish and calling for the bear market. Time to go max long,” the millionaire leverage trader wrote in a Tuesday X .
borrowed money to increase the size of an investment, which can boost the size of both gains and losses, making leveraged trading riskier than spot trading.
Related:
Still, Wynn has realized a $21.7 million total loss on a single account since March 19, when he started trading via wallet 0x5078 on the Hyperliquid, data from shows.
The latest liquidation came less than two months after Wynn on June 5, after being liquidated on a that was opened on June 3.
After opening a second position, Wynn claimed that orchestrated efforts from major market participants were deliberately targeting his liquidation level.
Related:
Wynn blamed the memecoin “cabal” for extractive market practices, such as “orchestrated pump and dump” schemes.
“Fuck the memecoin cabal, you give them supply and they just dump on your head. They’re thieving scavengers,” he wrote in a Saturday X , adding:
“I’m making my own meme coins. Where KOLs get precisely zero.”
liquidations on memecoins this year, including an over $1 million loss on his (PEPE) position, which was worth about $11.2 million when opened on July 20, Cointelegraph reported.
Magazine:
