Crypto millionaire James Wynn said that the slowdown in the August market ended, even after its last liquidation of the same by an alleged “Cabal” market manufacturer.
Wynn was liquidated on its recent 10x lever effect position which was betting on an appreciation of Dogecoin prices (DOGE), losing $ 22,627, according to the ONCHAIN LENS ‘Monday X Post blockchain data platform.
It was a relatively low loss for Wynn, compared to its $ 100 million position that was liquidated on May 30, when BTC briefly fell below $ 105,000.
Wynn has blamed his recent liquidation on the cryptocurrency market manufacturers who “destroy” the long lever-effect positions, which, according to him, could be a signal for the end of the market correction.
“Timeline Bearish and calling the bear market. It’s time to go to the maximum,” wrote the millionaire LEDEFET Trader in a Post of Tuesday X.
Leverage positions use money borrowed to increase the size of an investment, which can increase the size of gains and losses, which makes trading with leverage more risky than punctual trading.
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However, Wynn has achieved a total loss of $ 21.7 million on a single account since March 19, when he began to negotiate via Wallet 0x5078 on decentralized exchange hyperliquid, according to Hyperdash data.
The last liquidation occurred less than two months after Wynn lost nearly $ 25 million on June 5, after being liquidated on a Bitcoin bet of $ 100 million which was opened on June 3.
After having opened a second position of Bitcoin with an effect of $ 100 million, Wynn said that the orchestrated efforts of the main market players deliberately aimed at its level of liquidation.
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James Wynn blames the “Cabal” same for extractive practices
Wynn blamed the “cabale” same for extractive market practices, such as “pumps and discharges orchestrated”.
“Fucking the memecoin cabale, you give them the supply and they simply throw you on the head. They are thieves scavengers,” he wrote in a post of Saturday X, adding:
“I do my own memes pieces. Where Kols becomes precisely zero. “
Wynn underwent several liquidations on even this year, including a loss of more than a million dollars on his PEPE (PEPE) with 10x, which was worth around 11.2 million dollars when opening on July 20, Cointelegraph reported.
https://www.youtube.com/watch?v=jznCalgknio
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