James Wynn, a trader who once bet 1 billion USD on Bitcoin, is now going long PEPE.

One of the most closely monitored cryptocurrency wallets recently made a large bet on the memecoin PEPE, just a few days after taking a position worth billions USD with Bitcoin (BTC) on the onchain trading platform Hyperliquid.

Specifically, this wallet has opened a long position in PEPE worth 1 million USD with a 10x leverage, shifting from billion-dollar scale Bitcoin trades to risky bets on memecoin. As of now, this position has made a profit of 500,000 USD as the price of PEPE increased by nearly 6% in just a few hours.

Anonymous trader “James Wynn”, also known by the nickname “moonpig” on Hyperliquid, closed a long BTC position worth 1.2 billion USD this week, with a loss of 17.5 million USD.

Immediately after, Wynn opened a short position on Bitcoin worth 1 billion USD with 40x leverage - meaning betting the entire asset worth 50 million USD on the downward trend of the market. Both positions set records for size on a completely on-chain trading platform.

Wynn’s new short position was opened at an average price of 107,077 USD/BTC and has yielded a profit of approximately 3 million USD at the time Bitcoin was fluctuating around that price before a slight drop.

However, this is an extremely risky gamble: if BTC exceeds 110,446 USD, the position may be liquidated if collateral is not added.

Currently, Wynn has closed all positions and announced on X that he will withdraw from derivative trading indefinitely. According to updates from his account, Wynn has turned an initial capital of over 3 million USD into 28 million USD.

“I decided to leave the casino with a profit of 25 million USD,” Wynn wrote. “Very happy, but it’s time for me to withdraw as a Wynner.”

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