HyperLiquidโs loyal customer and the infamous Crypto Maverick James Wynn is back with more mouth-dropping plays on two favorite crypto currencies. This time, Mr. Wynn pulled off a 40X leverage play for $40.5 million on Bitcoin (BTC) at the entry price of $105,386.7.
Whatโs Behind This Big BTC & PEPE Conviction?
While Bitcoinโs bull strength is back on Wednesday evening with a break past $110,404, this gives the Perpetuals trader an unrealized profit of $1.63 million solely on Bitcoin. Additionally, James Wynn has placed $15 million in a 10X leveraged Perpetuals play on Pepe coin’s price.
To back up his choice, James Wynn posted a Fibonacci Retracement tool-based PEPE coin analysis, saying that the frog-themed crypto is likely to summon a โparabolic pumpโ. With the Fibonacci-based projection, the first stop would be $0.00001792, before leapfrogging into a bigger race to tackle the 1.618 Fibonacci level of $0.00002245.
PEPE Price Goes Wild Amid Trading Activity Spike
Presently, the third largest meme coin PEPE is changing hands at $0.00001324, picking up 4.20% gains in 24 hours & clinching the 33th position by global market cap. Once again, PEPE token showcases a stupendous trading volume of $1.31 billion on Spot, unusually high for meme coins.
Judging by HyperLiquidโs live data, the popular Derivatives trader James Wynn is now up slightly above $1 million on his PEPE Token (PEPE) long play with 10X leverage. However, PEPE is notorious for drastic price swings both ways. This hype-based meme coin is a monument to internet culture, so the bull runs purely rely on sentiment.
On The Flipside
- Notably, the aforesaid crypto whale has been wrong multiple times in the past, losing hundreds of millions in one play due to drastically over-leveraged long positions.
Why This Matters
There’s a thin line between confidence & recklessness in the world of Derivatives trading, as over-leveraged plays can still be liquidated even if the trader guessed the right direction. On the other hand, Derivatives & Perpetuals traders have bigger opportunities to maximize their gains.
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People Also Ask:
A trader, reportedly James Wynn, went 40x long on Bitcoin and 10x long on PEPE using Hyperliquid, a risky move thatโs got the crypto community buzzing. High leverage like this can lead to massive gains or catastrophic losses, so tread carefully.
Leverage amplifies gains but also multiplies lossesโWynnโs $500M Bitcoin liquidation shows how fast things can unravel if prices dip. Always DYOR and avoid over-leveraging to protect your stack.
Whale bets can spark short-term price pumps, but the marketโs volatile, and liquidations like Wynnโs $99M loss signal high risk. Donโt chase hypeโsentiment shifts fast, and fundamentals matter more.
HyperLiquid is a decentralized exchange for derivatives, known for high-leverage trading, but its lack of safeguards can wipe out even big players like Wynn. Approach platforms like this with extreme cautionโleverage is a double-edged sword.
Whale moves like Wynnโs are speculative and riskyโhis $17M net loss proves even pros can fumble. Stick to low-risk strategies, HODL if youโre unsure, and never bet more than you can lose.
