James Wynn turned $182K into $65M via early PEPE exposure but lost nearly $87M in unrealized gains on Hyperliquid within 5 days.
Strategic PEPE trades earned Wynn $39.9M in spot profits, but high-leverage positions erased most of his $87.8M peak equity.
Wynn's $199M PEPE long at 15.18x leverage is near liquidation, with unrealized losses and mounting funding costs compounding pressure.
Crypto investor James Wynn flipped $182K into $65.2 million through early and aggressive exposure to PEPE. However, in a high-stakes pivot to perpetual trading on Hyperliquid, Wynn has lost nearly all $87 million in unrealized gains within five days.
Early PEPE Entry Yields One of the Largest Meme Coin Profits
Wynn’s initial $182K investment in PEPE was distributed across 24 wallets, accumulating 7.2 trillion tokens when the market cap was still below $600K, stated in a report by Lookonchain. This covert strategy allowed him to build a massive position before broader market awareness, positioning him ahead of the meme coin’s parabolic rise.
https://twitter.com/lookonchain/status/1927327814694375861
He eventually sold 6.76 trillion PEPE for $33.84 million while retaining 443.7 billion tokens worth $6.28 million. Notably, one wallet alone bought 1.05 trillion tokens for just $1,449 and sold 849 billion for $5.17 million. In total, Wynn’s spot profits reached $39.9 million, further amplified by $25.3 million earned via perpetual trades.
Most of the wallets, including high performers like 0x859cd7a7 and 0x2AD16212, have been fully liquidated, confirming Wynn's methodical exit. Wallet 0xC71595b8 sold over 539 million tokens for $646K after a $113K entry, while 0x6F24f798 converted 426 million PEPE into $3.14 million. Just one address, 0x4417030e, still holds a PEPE balance.
Derivatives Trading on Hyperliquid Adds $25M—Then Erases It
In parallel to his spot sales, Wynn executed eight PEPE perpetual trades on Hyperliquid, netting $25.3 million in realized PnL. The most profitable was a long trade lasting over 1,455 hours, closing with $25.19 million in profit after fees. However, subsequent entries rapidly eroded this gain.
One May 27 long ended in an $858K loss, while March shorts fluctuated between minor profits and up to $72K in net losses. Despite some success, Wynn’s exposure became increasingly one-directional, with long-heavy trades amplifying risk as PEPE’s price action turned volatile.
The full list of trades revealed five shorts and three longs, showcasing a mix of high-conviction leverage and timing misfires. The combination initially boosted Wynn’s equity above $87 million but lacked hedging, ultimately exposing him to catastrophic downside once the market reversed.
$87M Profit Collapses in 5 Days Amid Full-Leverage Position
As of May 28, Wynn’s Hyperliquid account shows a complete unraveling of prior gains. Equity stands at $13.1 million, entirely locked in a $199 million PEPE long position at 15.18x leverage. Unrealized PnL is now negative $2.1 million, with no withdrawable funds or short positions present.
According to Lookonchain, Wynn entered the trade at $109,228.10 BTC-equivalent pricing, but the market now sits near $108,045.00—just $5,786 away from liquidation. With a liquidation price of $102,258.45, Wynn's $4.97 million margin is under extreme stress, driving his ROE down to -41.59%.
Funding costs of -$395K have compounded losses, further draining position sustainability. This sharp collapse from $87.8M peak profit to near-margin call status highlights the brutal speed of liquidation risk in highly leveraged crypto environments, especially when exposure remains fully long without offsetting coverage.
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