Trader James Wynn, known for his previous transactions and the huge long position he opened in Bitcoin, made an interesting move today, according to onchain data.
Onchain data revealed that Wynn closed all of his PEPE memecoin positions. By closing his trades, the trader earned a total of $25.18 million from these positions.
According to his own statement, James Wynn earned $25 million in PEPE trading transactions, which he started with $7,000 in 2023. This year, he earned another $25 million with the PEPE long transactions he made. In other words, the trader made a total profit of over $50 million in a single token.
However, although Wynn made a profit from these trading transactions, it should not be forgotten that almost all investors, especially in leveraged transactions and memecoins, suffered losses.
Interestingly, Wynn has made a huge loss on his 40x long Bitcoin position, which he opened at $108,915. In addition to the $1.7 million loss on the currently open position, a funding fee of $4.6 million was paid. If the BTC price drops to $104,770, this position will be liquidated.
*This is not investment advice.
