Ethereum News Today: Ethereum's Rise Reshapes Crypto Kingmaker's High-Stakes Gambit

Millionaire crypto trader James Wynn has experienced a significant reversal following the liquidation of his 10x leveraged Dogecoin (DOGE) position, which has shifted his focus back to Ethereum (ETH). According to onchain data, Wynn entered the DOGE trade at an average price of $0.2398 with a total position value of approximately $206,130 for 867,335 DOGE. As DOGE's price has declined to around $0.237, the position is now showing an unrealized loss of about $1,886 [3]. This outcome contrasts with his 25x leveraged long bet on ETH, which is currently yielding strong gains amid a surge in Ethereum prices to an all-time high of $4,884 [3]. Wynn's Ethereum position, supported by $5,568 in margin, represents a 29.3 ETH exposure worth $139,215, translating to unrealized gains of $14,888 or a 267% return as of the latest data [3].

Wynn’s recent trading activity reflects a return to high-leverage strategies after a brief hiatus from social media and trading in early August 2025. During this period, he briefly deactivated his X account with the word "broke" in his bio [3]. Wynn’s reentry into the market included a 40x Bitcoin (BTC) long of $19.5 million and a 10x PEPE (PEPE) position in early August. However, these positions did not yield the same returns as his ETH bet, and his DOGE position has proven particularly volatile amid broader market corrections.

The recent market volatility affecting DOGE can be partly attributed to a broader shift in risk appetite following Federal Reserve Chair Jerome Powell’s Jackson Hole speech. The speech, which hinted at a potential rate cut in September, initially spurred a surge in crypto prices, particularly for speculative assets like DOGE. However, the market quickly corrected, and DOGE fell by 10.6% in the last 24 hours as of August 25, 2025 [2]. Analysts attribute this decline to DOGE’s inherently inflationary design, which can exert downward pressure on its price unless there is consistent and growing demand [2].

Despite the liquidation of his DOGE position, Wynn remains bullish on Ethereum, citing the token’s broader market fundamentals. ETH’s surge past $4,860 coincided with renewed inflows into spot ETFs and increasing corporate adoption of the asset. In the past month, firms such as BitMine, SharpLink, Bit Digital, BTCS, and GameSquare have collectively purchased around $1.6 billion in ETH, pushing total corporate Ethereum holdings close to $30 billion [3]. Additionally, ETH ETFs saw $337.6 million in net inflows on August 22, contributing to the upward trend in the token’s price [3].

In contrast to Wynn’s trading moves, recent news surrounding Dogecoin has been more concerning, particularly regarding data security. A whistleblower complaint from the Social Security Administration (SSA) alleges that staff from the Department of Government Efficiency (DOGE) uploaded sensitive personal data of hundreds of millions of Americans to a vulnerable cloud server, potentially violating federal privacy laws [1]. The data reportedly included Social Security numbers, names, birth details, and other private information. While the SSA denies any compromise of the data, the complaint highlights the risks associated with such unsecured transfers, including identity theft and fraud [1].

Wynn, who has previously faced significant losses in leveraged bets, appears to be recalibrating his strategy by shifting his focus to assets with stronger fundamentals. His current leveraged exposure stands at approximately $345,000, with equity around $26,600, reflecting a margin utilization of roughly 110% [3]. His liquidation of the DOGE position and the success of his ETH trade suggest a strategic pivot in response to market dynamics and the inherent risks associated with meme coins like DOGE.

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[1] The Department of Government Efficiency put the personal data of millions of Americans, including Social Security numbers, on a vulnerable server in June, according to a new whistleblower complaint (https://www.nbcnews.com/politics/doge/doge-put-social-security-numbers-data-risky-server-whistleblower-alleg-rcna227259)

[2] Why Dogecoin (DOGE) Sank Today (https://finance.yahoo.com/news/why-dogecoin-doge-sank-today-222200560.html)

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