A prominent cryptocurrency wallet, closely monitored for its substantial trades, has recently shifted its focus from Bitcoin to Pepe (PEPE). After establishing a record-breaking billion-dollar Bitcoin long position on the Hyperliquid on-chain trading platform, this wallet has now taken a long position in PEPE, investing $1 million with 10x leverage. This represents a significant change in strategy, moving from blue-chip assets to high-risk memecoin speculation.
As of European morning hours, this PEPE position has already yielded a $500,000 profit, driven by a nearly 6% increase in PEPE’s price within a few hours. This contrasts sharply with the wallet’s previous, high-profile Bitcoin trades.
The wallet’s owner, the pseudonymous trader known as “James Wynn” or “moonpig” on Hyperliquid, previously closed a massive $1.2 billion long Bitcoin position, resulting in a $17.5 million loss. Following this loss, Wynn opened a $1 billion short position with a staggering 40x leverage, effectively risking their entire $50 million wallet on a Bitcoin price decline. This short position, also a record for Hyperliquid, was opened at an average price of $107,077 and initially generated approximately $3 million in profit as Bitcoin briefly dipped below this level.
However, this trade involved considerable risk. If Bitcoin had risen above $110,446, Wynn’s position faced liquidation unless additional collateral was added. Wynn subsequently closed this short position and announced on X (formerly Twitter) their withdrawal from perpetual trading. The trader’s total profit, after these significant high-stakes trades, was reported on X as $25 million, from an initial capital exceeding $3 million. The post concluded with the statement, “Now decided to leave the casino with my $25,000,000 profit. It’s been fun, but now it’s time for me to walk away a wynner.” The entire sequence of events highlights the volatility and high-risk nature of on-chain trading.
