James Wynn, a pseudonymous crypto trader known as “Moonpig” on the decentralized exchange Hyperliquid, has offloaded his remaining $PEPE holdings and appears to be doubling down on a leveraged long position in Bitcoin ($BTC).
According to blockchain analytics platform Lookonchain, Wynn deposited 203.73 billion $PEPE — worth approximately $2.82 million — to Binance on May 28. The transaction came one day after he sold 240 billion $PEPE for $3.32 million, suggesting a strategic pivot from meme coin speculation to a more aggressive position in Bitcoin.
Lookonchain reported the latest deposit on X at 04:52 UTC, indicating that Wynn may be preparing to commit fully to his $BTC trade. The move underscores a familiar pattern for Wynn, who has developed a reputation for high-risk, high-reward maneuvers in the crypto space.
In total, Wynn has liquidated $6.14 million worth of $PEPE over two days, with funds believed to be routed into Hyperliquid to back his Bitcoin long. The trading activity comes amid heightened volatility for $PEPE, an Ethereum-based meme token, which saw a 17.72% price increase over the past week but is projected to decline 20.85% by May 29, according to Changelly. Market sentiment remains “neutral bearish,” rated at 30%.
Wynn’s recent bets follow a series of large-scale trades that have both fascinated and divided the crypto community. As reported by CryptoManiaks on May 26, he previously initiated a $1.2 billion long on $BTC, which resulted in a $17.5 million loss. He then opened a $1 billion short with 40x leverage, briefly netting $3 million before closing the position. Despite such swings, Wynn reportedly maintains a cumulative profit of $25 million, beginning from a wallet balance of $3 million to $4 million.
His trading activity has provoked sharp commentary online. One X user, @samuilmanasiev1, wrote, “Liquidate this guy and be over with it,” while another, @ar_web3, warned, “He’s going to lose everything,” referencing their own $800,000 loss in a similar leveraged play. Some $PEPE supporters, however, cheered Wynn’s exit. “This is a huge gain for $PEPE as a whole. GTFO!!” posted user @BagCalls.
Leveraged trading remains one of crypto’s most perilous strategies. According to a February 2025 report by Arincen, such trades amplify gains but also magnify losses, with positions at risk of liquidation if the market shifts unfavorably. Analysts estimate Wynn’s $BTC position could be liquidated if Bitcoin falls below $110,446 — a plausible scenario in the asset’s notoriously volatile price range.
Wynn is also loosely associated with $MOONPIG, a meme coin inspired by his Hyperliquid exploits. Though he denies being its creator, CryptoManiaks has reported that he has supported the project through token buybacks and liquidity pool burns, fueling ongoing speculation.
As of early May 29, Bitcoin’s price trajectory remains uncertain, and Wynn’s latest maneuver only adds to the market’s intrigue. Whether it results in another substantial gain — or a crushing loss — remains to be seen. But in the unpredictable world of crypto, Wynn’s high-stakes bets continue to capture attention across the digital finance ecosystem.
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