Dogecoin News Today: Wynn's 10x DOGE Gamble: A Desperate Dash for Redemption

James Wynn, a high-profile leverage trader known for his bold and volatile crypto bets, has once again placed a 10x leveraged long position on Dogecoin (DOGE), betting on its potential price appreciation. According to blockchain analytics firm @lookonchain, Wynn’s position was entered at $0.21298 with a liquidation price of $0.20989, giving the trade a narrow 1.45% buffer before risk of liquidation [3]. This move underscores Wynn’s continued reliance on high leverage, a strategy that has seen both substantial losses and occasional gains throughout the year.

Wynn’s latest trade follows a pattern of aggressive leverage trading, most notably his May 30 liquidation on a $100 million Bitcoin (BTC) position, which resulted in a $22,627 loss on this most recent DOGE bet. His total losses since March 19 exceed $21.7 million, according to on-chain data from Hyperdash [1]. Despite these setbacks, Wynn remains active in the market, with a 25x Ether (ETH) long currently showing gains of over 267% as of August 2025 [1]. This diversified approach highlights his ability to maintain exposure across multiple assets, though it also exposes him to the inherent volatility of the crypto market.

The trader’s bold moves have drawn attention not only for their risk profile but also for the narrative they fuel. Wynn has previously accused major market participants of orchestrating liquidations against his positions, blaming a “memecoin cabal” for aggressive price manipulations. These claims, while controversial, reflect the broader challenges faced by leveraged traders in a market where sudden price swings can quickly erode positions [1].

Dogecoin itself has shown signs of potential for a near-term rally, according to technical analysts. Recent chart patterns suggest the formation of a rounding bottom, cup-and-handle, and symmetrical triangle, which often precede significant price movements [2]. Analysts have identified key support and resistance levels, with $0.20 to $0.25 being a critical range for DOGE’s near-term trajectory. A successful breakout above $0.29 could see the coin targeting $0.38, $0.48, and even $0.80 by year-end, according to some projections [2].

Market sentiment for Dogecoin is also influenced by broader crypto trends. As Ethereum (ETH) reached new record highs on Coinbase in late August, DOGE followed suit with modest gains. These movements are often correlated with Bitcoin, and any sustained BTC rally could provide a tailwind for meme coins like DOGE [1]. However, traders should remain cautious, as high leverage amplifies both gains and losses. Wynn’s position exemplifies this, where a small price correction could lead to rapid liquidation.

In the context of market structure, DOGE’s trading volume remains robust, with a daily volume of around $3.4 billion [2]. While this provides liquidity, it also increases the risk of sudden price swings. Analysts have pointed out that the Relative Strength Index (RSI) is rebounding from oversold territory, indicating potential for a short-term rally. However, volume remains lower than during previous DOGE surges, suggesting that further buying pressure may be needed to sustain momentum [2].

James Wynn’s 10x DOGE long remains a case study in the volatile nature of crypto trading. While the potential for high returns exists, so too is the risk of significant losses. As DOGE continues to trade near $0.22, traders are closely monitoring key support and resistance levels for signs of a breakout or breakdown in the coming weeks.

Source:

[1] High-leverage trader James Wynn opens 25x Ether long as ... (https://cointelegraph.com/news/james-wynn-25x-eth-long-doge-trade)

[2] Dogecoin (DOGE) price prediction: Dogecoin charts flash multiple bullish patterns pointing ... (https://bravenewcoin.com/insights/dogecoin-doge-price-prediction-dogecoin-charts-flash-multiple-bullish-patterns-pointing-toward-1-rally)

[3] Dogecoin (DOGE) 10x Long Alert: @lookonchain Reports ... (https://blockchain.news/flashnews/dogecoin-doge-10x-long-alert-lookonchain-reports-james-wynn-entry-at-0-21298-liquidation-at-0-20989-1-45-risk-window)