Hyperliquid whale’s 4x leverage long on HYPE yields over $13.7M in floating profit as the token hits a new all-time high above $44.4.
HYPE has reached a new all-time high of $44.75, with an 11.27% increase in the last 24 hours, as the decentralized exchange Hyperliquid continues to expand its market whale. Recently, a whale generated a substantial $13 million in profit. Market analysts anticipate that this rally will persist for an additional period. Nevertheless, it will be intriguing to determine whether it can surpass Cardano (ADA) in the 10th position, which is valued at $22 billion, with the current $14 billion. According to data, over $170 merchants on the decentralized exchange generated profits exceeding $10 million.
Hyperliquid Whales generate substantial profits
A Hyperliquid whale generates substantial profits on a long position in HYPE with 4x leverage as the HYPE price reaches a new all-time high, surpassing the $44.4 mark. The whale’s position now reflects a floating profit exceeding $13.7 million due to the price surge, according to data from HyperDash. As Arthur Hayes, a crypto market veteran, indicated last month, analysts anticipate a rally in the HYPE token to $100.
The HYPE futures open interest has increased by 16.6% to exceed $2.07 billion, as the Coinglass data indicates. Additionally, the 24-hour liquidations have exceeded $11 million. The decentralized trading platform has experienced significant growth in prominence over the past two months, as evidenced by the most recent discussions regarding a potential Binance US listing.
HYPE Traders Achieve $10 Million Profits
The trading activity on Hyperliquid has been remarkably successful, with 170 traders achieving profits eclipsing $10 million each. Furthermore, the HYPE price has experienced further appreciation due to the $1 million earnings of over 1,589 traders.
Intriguingly, a significant number of traders who have earned over $10 million have less than 200% returns. This suggests that many of these traders began with substantial initial capital and leveraged their positions to achieve high-value gains.
James Wynn was once again the most active trader on the decentralized trading platform, renowned for his billion-dollar Bitcoin wagers. Nevertheless, Wynn forfeited nearly $100 million in profits to hedge wagers that were in competition with him due to the platform’s transparency.
Nevertheless, Wynn has recently criticized the DEX for its inadequate referral mechanism. James Wynn disclosed that he acquired $34,000 through Hyperliquid’s referral program but expressed dissatisfaction with the compensation. He contended that the sum was disproportionately low compared to the substantial number of signups and trading volume he contributed to the platform.