A prominent cryptocurrency wallet, closely monitored for its significant trading activity, has recently shifted its focus from Bitcoin to the memecoin Pepe (PEPE). Following a record-breaking $1 billion notional long position on Bitcoin via the on-chain trading platform Hyperliquid, this wallet has now entered a $1 million long position on PEPE, utilizing 10x leverage. This represents a dramatic change in strategy, moving from high-value Bitcoin trades to high-risk memecoin investments.
As of early European trading hours, this PEPE position has already yielded a $500,000 profit, driven by a nearly 6% price increase in PEPE within a few hours. This activity follows the actions of pseudonymous trader “James Wynn,” also known as “moonpig” on Hyperliquid. Wynn previously held a substantial $1.2 billion long Bitcoin position, which resulted in a $17.5 million loss after closure. Following this significant loss, Wynn opened a $1 billion short position with 40x leverage, effectively risking their entire $50 million wallet on a Bitcoin price decline.
Both the long and short Bitcoin positions represent record-breaking trades for an on-chain platform, showcasing the scale of Wynn’s high-stakes wagering entirely within a blockchain-based service. The short position, opened at an average price of $107,077, initially generated approximately $3 million in profit as Bitcoin briefly traded below this level. However, the inherently risky nature of this leveraged trade became apparent. If Bitcoin had risen above $110,446, Wynn’s position faced liquidation unless additional collateral was added.
This high-risk strategy ultimately prompted Wynn to exit the perpetual trading market entirely. After closing both positions, Wynn publicly announced on X (formerly Twitter) that they were leaving the platform with a total profit of $25 million, significantly exceeding their initial capital. This concludes a series of high-stakes, record-breaking trades that captivated the cryptocurrency community.
