Hyperliquid native token HYPE has surged 13% on May 26, hitting $39.9 as momentum turned sharply bullish.
The surge followed after a whale closed $1 billion worth of Bitcoin short positions built with 40x leverage, following a $15.87 million loss in just 15 hours, per LookOnChain data.
https://twitter.com/lookonchain/status/1926794028533551106?s=46
The token is currently trading at $38.59 at press time, marking an impressive 11% increase over the past 24 hours.
Source: Coinmarketcap
Attention Intensifies While Whales Place Billion-Dollar Positions on Hyperliquid
Prominent crypto trader James Wynn, last week, closed a massive $1.25 billion notional long position on Bitcoin using 40x leverage on the onchain decentralized exchange (DEX) Hyperliquid.
He then flipped bearish on Bitcoin, switching from long to short. On Sunday, Wynn opened a BTC short position of 1,038.7 BTC ($111.8 million) at $107,711.1, with a liquidation price of $149,100.
With whales like Wynn placing billion-dollar positions on Hyperliquid, the attention around the protocol has intensified. Traders are betting that early regulatory engagement could further legitimize HYPE’s uptrend.
One trader wrote on X that the “growth has reached the ceiling,” adding that there are strong competitors.
“Although there are many giants and extraordinary people supporting Hype, I think that the best short-selling target with large capacity, good liquidity and clearest logic may be Hype.”
https://twitter.com/0x0xfeng/status/1926695488838906307?s=46
Further, James Wynn withdrew 28M USDC from Hyperliquid, with a $25.2M profit. According to LookOnChain post on Monday, he made 38 trades on Hyperliquid in the past 75 days. Of these trades, 17 were profitable with a 45% win rate, the post read.
Hyperliquid’s X Account Breached
Meanwhile, Hyperliquid reported that its official X account was compromised on Saturday.
“The Hyperliquid blockchain is unaffected. Do not interact with any links or tweets from that account,” the protocol posted on X.
https://twitter.com/HyperliquidX/status/1926170012110159950
Per the latest update on Monday, Hyperliquid said that the team conducted a “thorough investigation” with assistance from X’s security.
“There was no compromise of internal systems, email, or associated credentials,” the update read. “Hardware 2FA was untouched.”
The community warned users of any project and not just Hyperliquid, to stay vigilant and verify the news shared on any social media accounts. “If an announcement looks suspicious, do not interact,” the team cautioned.
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