Crypto Trader Moonpig Shifts $1 Billion to PEPE Coin After $17.5 Million Bitcoin Loss

James Wynn, a prominent crypto trader known as "moonpig" on the decentralized exchange Hyperliquid, has made a significant shift in his investment strategy. After closing a $1.2 billion long position on Bitcoin with a $17.5 million loss, Wynn opened a $1 billion short position using 40x leverage, effectively wagering his entire $50 million wallet on the downside of Bitcoin. This move was a record for an onchain platform and represented the biggest bets placed entirely on a blockchain-based service.

Wynn’s new short position was opened at an average price of $107,077 and initially netted about $3 million in profit as Bitcoin hovered just below that level. However, the trade was a high-risk musical chairs event: if Bitcoin rose above $110,446, Wynn’s position could be liquidated unless additional collateral was posted. This position was subsequently closed, and Wynn announced on X that he was stepping away from perpetual trading altogether. He netted a total profit of $25 million from an initial investment of over $3 million.

Following his exit from Bitcoin trading, Wynn has now turned his attention to PEPE Coin. He has taken a 10x leverage long position on PEPE Coin through the Hyperliquid platform. This move comes after Wynn's previous $1.2 billion long position on Bitcoin, which he closed just a day prior to his short bet. The trader's aggressive short position on Bitcoin indicated his belief in an imminent correction for the cryptocurrency, which was trading just under the $107,000 mark at the time. Wynn's short position was liquidated at $110,450, resulting in a substantial loss. Despite this setback, Wynn's focus has now shifted to PEPE Coin, where he has made a significant investment. His previous bet on PEPE Coin turned a $7,600 investment into substantial profits, highlighting his ability to identify promising opportunities in the crypto market.

Wynn's latest move to PEPE Coin suggests that he is confident in the potential of this meme coin, despite the volatility and risks associated with such investments. His strategy of taking a 10x leverage long position indicates his belief in the potential for significant gains in the short term. However, it also underscores the high-risk nature of his trading approach, which has resulted in both substantial profits and losses in the past. Wynn's shift from Bitcoin to PEPE Coin reflects the dynamic and unpredictable nature of the crypto market, where traders must constantly adapt their strategies to capitalize on emerging opportunities. His ability to navigate these challenges and make profitable trades has earned him a reputation as a high-profile and successful crypto trader.