Whale trader James Wynn, known in the cryptocurrency world for his large Bitcoin long positions on the decentralized cryptocurrency exchange Hyperliquid, bought a small amount of an altcoin today, according to onchain data.
Data shows that James Wynn used $104,000 worth of ETH to purchase $2.44 trillion ZEUS. However, it is important to note that this token is a memecoin with no intrinsic value and could be a scam.
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James Wynn was recently accused of anonymously hedging his Bitcoin long positions with a separate short position on centralized cryptocurrency exchanges. Wynn may have been aiming to benefit from Hyperliquid airdrops by recording high trading volumes without incurring any losses.
Wynn has been talked about recently for the large losses he apparently suffered in his long positions. However, if the alleged hedge position exists, it could be said that Wynn acted in a way that misled his followers.
*This is not investment advice.
Continue Reading: Big Whale James Wynn Purchased This Altcoin According to Onchain Data
