Crypto millionaire James Wynn has suffered yet another high-profile liquidation, this time on a 10x leveraged Dogecoin (DOGE) position, as he predicts an end to the ongoing market downturn.
According to Onchain Lens, Wynn lost $22,627 on his leveraged DOGE long after the market continued its decline. Despite the setback, Wynn remains bullish, claiming the liquidation might signal the bottom of the correction.
He wrote on X (formerly Twitter):
“Timeline bearish and calling for the bear market. Time to go max long.”
High-Stakes History of Losses
This loss is small compared to Wynn’s $100 million Bitcoin position, which was liquidated on May 30 when BTC briefly dipped below a 10-day low of $105,000. Data from Hyperdash shows Wynn has realized $21.7 million in total losses since March 19 via wallet 0x5078 on Hyperliquid.
Earlier, on June 5, Wynn lost nearly $25 million after being liquidated on another massive Bitcoin trade.
Accusations Against Market Makers
Wynn blames crypto market makers and a so-called “memecoin cabal” for orchestrated pump-and-dump schemes and liquidation traps targeting large positions.
“They’re thieving scavengers,” Wynn said, adding that he plans to launch his own meme coins without influencer allocations.
Leveraged trading magnifies both profits and losses, making it riskier than spot trading. Wynn’s case highlights the dangers of overexposure to leverage in highly volatile assets like Dogecoin and memecoins.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.