#BinanceAlphaAlert
A prominent trader on the Hyperliquid platform, known for high-leverage positions, previously opened a 20x leveraged short position on Bitcoin (#BTC ) at $83,923. This position yielded an unrealized profit of $8.392 million as BTC's price approached the trader's target range of $70,475 to $74,192.
This same trader has now taken a long position on the Official (#Melania ) token at $0.6914. As of the latest data, MELANIA is trading at approximately $0.6908, with a 24-hour trading volume of $11,177,609. The token has experienced a slight decline of 0.80% over the past 24 hours.
The MELANIA token was launched by Melania Trump as a meme cryptocurrency. Initially, it saw a significant surge in value, reaching a market capitalization of over $13 billion. However, it has since experienced a substantial decline, with its current market cap around $367 million.
The trader's shift from shorting #Bitcoin❗ to longing MELANIA indicates a strategic pivot, possibly aiming to capitalize on potential gains in the meme coin market. Investments in meme coins like MELANIA are highly speculative and subject to significant volatility. Investors should exercise caution and conduct thorough research before engaging in such markets.