Trader James Wynn faces financial losses on Dogecoin trading yet remains hopeful for a market recovery.
James Wynn's Losses on Dogecoin
According to Onchain Lens, James Wynn lost approximately $22,600 due to a 10x leveraged trade on Dogecoin this week. This amount is minor compared to his previous losses, including a $100 million Bitcoin position liquidated in late May when BTC briefly dropped to $105,000.
Accusations Against Market Makers
Wynn has repeatedly blamed what he calls a market maker 'cabal' for targeting his trades. In a post on platform X, he claimed that recent long liquidations across major tokens were engineered by large players to flush leverage out of the system. Paradoxically, he sees this as a bullish signal. 'Timeline bearish and calling for the bear market. Time to go max long,' he wrote after his latest loss.
Controversies with Memecoins
Wynn's major outbursts have been directed at memecoins, where he has accused insiders of predatory behavior. He argues that coordinated pump-and-dump schemes routinely wipe out retail traders and whales alike. 'Give them supply and they just dump on your head,' Wynn raged in a recent post, vowing to launch his own memecoins with 'zero allocation' for key opinion leaders.
Despite current losses and frustrations with memecoins, James Wynn maintains confidence that the current correction could mark the beginning of a new rally in the cryptocurrency market.
