Meme Coin Trader Loses $100 Million in Days After Bitcoin Bet Fails

James Wynn, a pseudonymous crypto trader who gained online fame for turning meme coin bets into millions, has confessed to losing $100 million in a matter of days. Wynn, known for turning a $7,000 position in the meme coin PEPE into over $25 million, shared his story on a social media platform. He revealed that he began trading perpetual futures in March, despite having no prior experience with derivatives.

Wynn's inexperience did not initially hinder his success. Within a month, he turned a $3 million position into $100 million through a series of high-leverage trades. His on-chain trackable success attracted significant attention, leading to a rapid increase in his social media following as traders sought to replicate or monitor his positions.

However, the newfound visibility proved to be a double-edged sword. Wynn admitted that the pressure of being in the spotlight warped his judgment. "With all this new attention the trading spiraled out of control. I was basically gambling," he said. "I got greedy. I wasn’t taking the numbers on the screen seriously."

In mid-May, Wynn had amassed a $1.25 billion long position on Bitcoin, betting big at an average entry price of around $108,243. The position, built with as much as 40x leverage, left little margin for error. When a significant market event occurred, global markets turned sharply, causing Bitcoin to dip below Wynn’s liquidation price. This resulted in nearly his entire position being wiped out in a series of cascading losses.

The rapid reversal shocked many in the crypto community, where Wynn had become a divisive figure. Some hailed him as a modern trading icon, while others accused him of reckless gambling or even market manipulation. Wynn's story serves as a cautionary tale about the risks of high-leverage trading and the dangers of letting fame and greed cloud judgment.