Key Points
James Wynn lost over $22,000 on his latest 10x DOGE leverage bet.
His trading account shows a total loss of $21.7 million since March.
Despite losses, Wynn insists that the market downturn is ending and plans to go “max long.”
Crypto millionaire James Wynn faced another heavy beating in August, after his leveraged Dogecoin position was liquidated. Wynn, who is famous for taking large risks in the market, recently bet on DOGE gaining in value with a 10x leveraged long.
Instead, the trade was wiped out and the trader lost $22,627, according to blockchain tracking platform Onchain Lens.
The loss might seem small compared to Wynn’s history. However, it shows a risky pattern. Back in May, his $100 million Bitcoin position was liquidated when BTC dipped under $105,000.
Since then, Wynn has blamed market makers for deliberately targeting positions like his.
Data from Hyperdash shows that Wynn has already realized $21.7 million in losses on a single account since March 19. That account, which is linked to wallet address 0x5078, currently trades on decentralized exchange Hyperliquid.
The recent DOGE loss came just two months after Wynn’s $25 million Bitcoin wipeout in June.
Wynn has so far accused large market players of planning moves to hit his liquidation level and force him out of the market. His losses over the last few months have reinforced his belief that the market is being manipulated.
Despite these repeated setbacks, Wynn is still going strong. According to his latest post, he wrote that it is “time to go max long.”
This shows that he expects the market to recover soon.
Wynn’s frustration has grown beyond Bitcoin. The investor is now pointing fingers at what he calls the memecoin “cabal.” According to him, this group of insiders carry out coordinated pump-and-dump tactics against traders.
“F*ck the memecoin cabal, you give them supply and they just dump on your head. They’re thieving scavengers,” Wynn wrote on X. He added that he plans to create his own memecoins where influencers and key opinion leaders (KOLs) would get “precisely zero.”
This statement shows a dissatisfaction with the way liquidity and hype cycles are handled in the memecoin market.
At the time of Wynn’s liquidation, Dogecoin was trading around $0.21189. Technical data shows that DOGE is under pressure in the short term. This means that it is now sitting below both its 20-day moving average (MA-20) at $0.22718 and its 50-day moving average (MA-50) at $0.2216.
Dogecoin is holding support despite losing multiple moving averages | Source: TradingView
The long-term picture looks more stable, as DOGE is still holding above the 200-day moving average at $0.19888. This indicates that while short-term sentiment is bearish, the more general bullish structure has not yet been broken down completely.
Traders are now watching the $0.19888 level. If DOGE falls below this support, it could open the door for a deeper decline toward $0.17354. On the other hand, DOGE, the $0.2216–$0.2221 resistance zone would be needed for any meaningful recovery.
Oscillator readings also show the general market uncertainty. The Relative Strength Index (RSI), for example, stands at 40.6 with a classic sell signal.
Meanwhile, the daily MACD is showing a buy signal and is creating conflict with the overall bearish outlook.
Overall, despite weak sentiment, on-chain data shows that large holders are quietly accumulating DOGE.
This indicates that some investors are seeing value in the current dip.
Accumulation tends to build pressure for a breakout, even though timing is uncertain. Now that DOGE is struggling under multiple resistance levels, traders are worried. Many prefer to wait for a strong move before making aggressive decisions, which means that DOGE could be looking at a great deal of waiting time before a comeback materializes.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.