Cryptocurrency millionaire James Wynn stated that the market downturn in August is about to end, even though he was recently liquidated on his latest memecoin position due to a suspected market maker cabal.
According to a post on X by blockchain data platform Onchain Lens on Monday, Wynn's most recent 10x leveraged long position in Dogecoin (DOGE) was liquidated, resulting in a loss of $22,627.
For Wynn, this loss is relatively small. Previously, on May 30, he was liquidated on a $100 million leveraged long position when Bitcoin (BTC) briefly fell below the 10-day low of $105,000.
Wynn attributed the recent liquidation to the cryptocurrency market maker cabal, stating that these market makers "cleared" leveraged long positions, which may signal that the market adjustment is about to end.
"The timeline looks bearish, calling for a bear market. It's time to go all in on longs," the millionaire leveraged trader wrote in a post on X on Tuesday.
Leveraged positions use borrowed funds to increase the size of investments, which can amplify both gains and losses, making leveraged trading riskier than spot trading.
Additionally, data from Hyperdash shows that since March 19, Wynn has accumulated losses of $21.7 million through wallet 0x5078 on the decentralized exchange Hyperliquid.
This liquidation occurred less than two months after Wynn's last significant loss. On June 5, he was liquidated on a $100 million Bitcoin position opened on June 3, resulting in a loss of nearly $25 million.
Wynn stated that after opening a second $100 million leveraged Bitcoin position, major market participants organized actions against his liquidation line.
Wynn accused the memecoin cabal of predatory market behavior, such as "organized pump and dump" operations.
"What is the memecoin cabal? You give them chips, and they will just dump. They are all scavengers living off theft," he added in a post on X on Saturday.
This year, Wynn has been liquidated multiple times on memecoins. Notably, on July 20, he opened a 10x leveraged position in Pepe (PEPE), which was worth about $11.2 million at the time of opening, ultimately resulting in a loss of over $1 million, according to Cointelegraph.
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