PANews reported on July 10 that according to the analysis of on-chain analyst @ai_9684xtpa, after Hyperliquid launched the PUMP contract, most of the whales played the game with "several million in margin + 1x leverage". In fact, they are most likely going for the public offering arbitrage on the 12th, or to make a short-term profit.

Currently, three whales have accumulated a total of 11 million USDC in margin, but only opened short positions of 2.394 million USD. Due to the lack of mark price, HYPE is currently in a state of easy manipulation. If it is pulled to 0.015 USD at 11:30 this morning, the 1x leverage will also be forced to close in the case of insufficient margin. Among them, the address "0xAc7...D53ce" is the most aggressive, with a margin of 4 million USDC and a 2x short position, holding 1.074 million USD, an opening price of 0.00504 USD, and a closing price of 0.02138 USD.