In one of the most epic trading episodes of the month, a trader with deep pockets and a wide following across DeFi analytics platforms now appears to be nearly $19 million underwater after having placed a huge leveraged short on $HYPE. Despite this trader’s having made multiple margin top-ups to avoid liquidation, the token’s unceasing rally has turned this bet into a high-stakes and somewhat comic saga. A $57M Short That Backfired Beginning on May 8, the whale established a short position of 1.875 million HYPE tokens, using 5x leverage, with an opening price of $20.40 per token. Backed by
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