Crypto Millionaire James Wynn said the market slump in August was over.
According to the Monday X Post of blockchain data platform Onchain Lens, Wynn was liquidated in a long, leveraged position that had been betting on Dogecoin (Doge) price rise, losing $22,627.
This was a relatively small loss for Wynn compared to his leveraged $100 million position, which was settled on May 30, when BTC fell shortly below the $105,000 low for a 10-day $105,000 low.
Wynn has condemned the recent liquidation of crypto market makers that “cleans away” long-leveraged positions.
“We’re looking for timeline bearlands and bear markets. Time to go longer,” the billionaire leverage trader wrote in X-Post Tuesday.
In a leveraged position, you use borrowed money to scale your investment. This increases the size of both profit and losses, and leveraged transactions are more risky than spot transactions.
Related: Ether Traders have almost wiped out their epic run from $125,000 to $43 million
Still, Wynn has achieved a loss of $221.7 million on a single account since March 19 when it began trading data from HyperDash on distributed Exchange Hyperquid via Wallet 0x5078.
The latest liquidation comes less than two months after Winn lost almost $25 million on June 5, after being settled on a $100 million Bitcoin bet that opened on June 3.
After opening up a $200 million leveraged Bitcoin position, Wynn argued that organized efforts from key market participants were intentionally targeting his liquidation levels.
Related: Mystery Whale Opens a $300 Million Leveraged Bitcoin Bet: James Win Alto Account?
James Wynn blames Memecoin ‘cabal’ on extraction practices
Wynn denounced “Kabal” for extraction market practices, including the “organized pump and dump” scheme.
“Fuck memo coins cabals, you give them the supplies and they’re just throwing them away in your head. They’re burglars,” he wrote on the X-Post Saturday, adding:
“I’m making my own meme coins, where Cols is exactly zero.”
Wynn has been struggling with some liquidation at Memecoins this year. This includes losses of over $1 million in a 10x leveraged Pepe (Pepe) position, which was worth about $11.2 million when it opened on July 20th.
https://www.youtube.com/watch?v=jzncalgknio
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