James Wynn, known for his massive Bitcoin bet, is now backing Pepe with a long position.

James Wynn, a pseudonymous trader famed for placing one of the largest Bitcoin bets ever seen onchain, has closed his mammoth $1.2 billion BTC long position with a $17.5 million loss—and swiftly pivoted to a new high-stakes wager on Pepe (PEPE).

Trading under the handle “moonpig” on Hyperliquid, Wynn made headlines recently by holding record-breaking positions. After shutting down his Bitcoin long, Wynn flipped bearish, opening a $1 billion short at 40x leverage, betting heavily against the leading cryptocurrency.

The short, initiated around $107,077 per BTC, briefly earned Wynn $3 million in profit as prices hovered just below that level. But with the specter of liquidation looming if Bitcoin surged past $110,446, Wynn closed out the short and announced on X that he was stepping away from perpetual futures trading altogether.

“Leaving the casino with $25 million in profits,” Wynn tweeted. “It’s been a wild ride, but now it’s time to walk away a wynner.”

Not content to sit on the sidelines, Wynn quickly redirected his capital into the memecoin PEPE, placing a $1 million long bet at 10x leverage. Early returns have been promising, with PEPE surging nearly 6% and Wynn’s position already up $500,000.

Wynn’s rapid transition from billion-dollar Bitcoin positions to leveraged memecoin bets encapsulates the fast-moving, high-risk environment of today’s crypto markets—where fortunes can be made or lost in minutes on fully onchain platforms.