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- Hyperliquid Whale Bets $31M on Chainlink with 10x Leverage, Shaking Market Sentiment.
- Hyperliquid Updates Rules After Whale’s $200M ETH Trade Tests Platform Limits.
- Chainlink’s Price Volatility Under Scrutiny as Whale’s High-Stakes Moves Impact Market.
Hyperliquid is back in the news once again as an ETH 50x Big Guy, a single large crypto whale, engages in another big trade. The trader went long for 31 million dollars in LINK with 10x leverage on Hyperliquid and GMX as per the on-chain wallet. Apart from the leverage position, the whale bought $12m worth of LINK in a spot but has begun to swap a portion for stablecoins, as per onchain data.
This latest action was made only two days after the same trader closed a bearish $200 million Ether (ETH) trade on March 12 intentionally. Apparently, through various connected transactions, the liquidation of Hyperliquid’s liquidity pool actually cost $4 million, but the whale managed to earn a profit of $1.8 million. In the past, this trader has made nearly $17 million within Hyperliquid, proving that they can take on high-risk transactions.
The March 12 event demonstrates the dangers of using continuous trading platforms such as Hyperliquid. They enable speculators to open large positions with respect to the amounts committed as margins on assets. Hyperliquid, the team behind the whale token, also noted that it was not an exploit but a vulnerability that arose from the platform’s designed mechanics when under pressure from the whale. As a result, the exchange has changed its collateral rules as of March 13 to prevent such a situation in the future.
Hyperliquid’s Rapid Rise in 2024
Founded in 2024, Hyperliquid has grown to be the industry leader in perpetual products. It is now controlling 70% of the lending market share from its competitors, including GMX and dYdX, as highlighted by an asset manager, VanEck, in a report in January. It, therefore, seems to have hit the desire ground faster, more so among traders who are interested in leverage trades.
On the other hand, the decentralized Oracle network chainlink price has been unpredictably fluctuating. Its native token is LINK, and after the US presidential election, it grew more than 150% to nearly $30 in December but dropped down to under $14 on March 14, according to CoinGecko. Currently, the token’s market capitalization stands at approximately $8.7 billion, and the price of the link token is $32.
This particular bet by the whale has especially attracted the attention of most people due to the fluctuations in the price of the token. People are eager to find out whether this approach will prove effective or cause further volatility in the market. The event also encourages a number of questions regarding the possibilities and dangers of using high leverage for trading in decentralized markets.
Considering the constant developments in the sphere, such platforms as Hyperliquid attract more attention. On the other hand, traders continue to be attract to this market for making large profits even if there are standard risks in trading in such conditions.
