In a significant development within the cryptocurrency landscape, millionaire leverage trader James Wynn recently faced a liquidation on his tenfold (10x) Dogecoin (DOGE) position. This occurred amid his assertion that the market’s prolonged downturn, which began in August, is nearing its end. As of 2025, Wynn’s recent liquidation has drawn attention due to its implications for market dynamics and his trading strategies.
According to data from blockchain analysis platform Onchain Lens, Wynn incurred a loss of $22,627 from his latest leveraged position. This figure, while notable, is relatively minor compared to his earlier liquidation on May 30, when he was forced out of a $100 million Bitcoin (BTC) position that had briefly dipped below the crucial threshold of $105,000. In his assessment, Wynn attributed this recent liquidation to actions by cryptocurrency market makers, whom he referred to as a “cabal,” suggesting that their maneuvers may signal the conclusion of the current market correction.
“Timeline bearish and calling for the bear market. Time to go max long,”
Wynn expressed in a post on X, indicating his readiness to adopt a more aggressive trading stance despite his recent setbacks.
Leveraged trading, which involves using borrowed funds to amplify potential profits, inherently carries increased risk. This risk is particularly pronounced in volatile markets like cryptocurrency, where price fluctuations can lead to significant losses. Despite the challenges, Wynn has continued to engage in high-stakes trading, accumulating a total loss of $21.7 million on a single account since he began trading on March 19, 2025, via wallet 0x5078 on the decentralized exchange Hyperliquid.
Wynn’s history of liquidations underscores the volatility associated with cryptocurrency trading. Just two months before his recent DOGE liquidation, he suffered nearly $25 million in losses on June 5, after his position was liquidated on a $100 million Bitcoin bet initiated on June 3. Following this incident, he opened another $100 million leveraged Bitcoin position, claiming that he was deliberately targeted by major market players who sought to trigger his liquidation level.
In addition to his DOGE and Bitcoin positions, Wynn’s trading activities include involvement with various memecoins. He has publicly criticized the practices of the so-called “memecoin cabal,” accusing them of engaging in extractive market behaviors such as “orchestrated pump and dump” schemes. In a candid expression of his frustration, he stated:
“Fuck the memecoin cabal, you give them supply and they just dump on your head. They’re thieving scavengers,”
highlighting the challenges that traders face within this segment of the market.
Wynn’s trading history in 2025 also includes a substantial loss exceeding $1 million on his 10x leveraged position in Pepe (PEPE), which had a valuation of approximately $11.2 million when initiated on July 20. This series of events emphasizes the unpredictable nature of cryptocurrency trading, particularly in the memecoin sector, where volatility can lead to rapid and substantial financial shifts.
As the cryptocurrency market continues to evolve, the narrative surrounding traders like James Wynn illustrates both the potential rewards and pitfalls of leveraged trading. With the promise of a new altcoin season on the horizon, it remains to be seen how these dynamics will play out in the coming months.
For further insights into cryptocurrency trading and market trends, please refer to sources such as Cointelegraph.
