Crypto trader James Wynn is making waves again, this time by placing a massive bet on Dogecoin after raking in over $538,000 in profits from Ethereum (ETH) and PEPE trades. Known for his high-leverage strategies and willingness to embrace market volatility, Wynn has now staked $16.4 million on DOGE with 10x leverage.
Wynn Closes ETH and PEPE Trades with $538K Profit
On July 20, Wynn deposited 536,573 USDC into Hyperliquid, a decentralised perpetuals exchange. He then entered two leveraged trades: a 25x long on ETH and a 10x long on PEPE. According to data from Lookonchain, Wynn purchased 3,268.91 ETH at an average price of $3,726.28, a position valued at over $12.1 million. Simultaneously, he took a PEPE futures position valued at $11.27 million, involving 812 million tokens under the kPEPE contract.
Wynn secured $521,313 in profit from his PEPE trade and another $33,386 from Ethereum, resulting in a combined net profit of $538,499 after trading fees. His move came during Ethereum’s recent price surge, which has shaken out short sellers and driven bullish sentiment across the market.
Wynn Doubles Down on Dogecoin with 10x Leverage
Following the successful trades, Wynn pivoted aggressively to Dogecoin. He now holds a 61.5 million DOGE position on 10x leverage, valued at $16.4 million, with a liquidation price of $0.2559. As of now, the position is showing an unrealized gain of $22,384, though Wynn’s history suggests he’s not afraid to ride the volatility wave much further.
A Trader Defined by High Risk and High Reward
James Wynn is no stranger to extreme trading strategies. Earlier this month, he placed a 40x leveraged order on Bitcoin (BTC) worth $19.5 million and backed it up with a $100,000 leveraged bet on PEPE. While these trades demonstrated precision and timing, Wynn has also suffered enormous losses.
Related article: Dogecoin Price Path to $0.2596 Open If It Holds Support: Key Technical Insights
In late May, his $100 million BTC position was liquidated, followed by another $25 million loss from a separate trade in early June. Despite the setbacks, Wynn remains vocal about his approach, claiming market makers target his liquidation levels.
“The market makers have run out of ammo,” he posted on X after opening his new leveraged positions.
Ethereum Surge Fuels Wynn’s Strategy
Wynn’s profitable ETH trade aligned with a market-wide short squeeze, which sent Ethereum soaring by more than 20% in July. The rally added $150 billion to ETH’s market cap, pushing its price above $3,800.
Market analysts, including The Kobeissi Letter, now anticipate a continued climb toward $4,000, suggesting that another 10% price increase could liquidate nearly $1 billion in short positions. This shifting market sentiment has prompted capital rotation from Bitcoin to major altcoins, such as Ethereum, XRP, and now possibly Dogecoin.
Bitcoin’s dominance has dropped to 61.4%, its lowest level since March, as altcoins gain traction.
