A wallet allegedly linked to James Wynn has offloaded over 10 million Moonpig tokens — a strategic de-risking or a desperate move to recover from recent liquidations?
According to blockchain analyst @DataC5821, the wallet in question dumped approximately 10.9 million Moonpig (MOONPIG) tokens worth $120.2K. On-chain data shows a rapid sequence of sell transactions clustered around the $14 million to $10 million market cap range, culminating in a crash to approximately $9.5 million at the time of reporting. Since then, the market cap has rebounded slightly, currently standing at $9.9 million.
One user suggested the sell-off may have been part of Wynn’s broader portfolio strategy, noting that he had recently told his followers on X — in a post that has since been deleted — that he was de-risking in response to escalating geopolitical tensions.
The analyst sarcastically responded that Wynn tends to “de-risk” only after getting liquidated on Hyperliquid, implying that the MOONPING dump may have had less to do with global events and more to do with covering personal trading losses.
Whether driven by geopolitical risks or not, the recent sell-off follows Wynn’s reported $100 million liquidation on Hyperliquid in late May, triggered when Bitcoin (BTC) price dipped below $105,000. However, it’s still unclear whether Wynn actually incurred those losses. On June 13, crypto analyst Dethective challenged this narrative, suggesting that Wynn’s losses were not actual cash outs but rather reflected trading against his own positions.
