Crypto Whale Suffers Massive $23.5 Million Loss from Shorting HYPE Token

A significant cryptocurrency whale experienced a devastating loss of $23.5 million after shorting the trending token, HYPE. The position, leveraged 5x and worth $57.14 million, was closed following an extensive 23-day decline in price. Despite initial efforts to sustain the short by depositing $30.5 million in USDC on the decentralized exchange Hyperliquid, the rally of HYPE defied bearish expectations, leaving the whale with only a meager $6.98 million remaining. This unexpected surge highlights the volatile and unpredictable nature of meme-driven tokens that can easily reverse trends.