Whale Deposits $8M USDC on Hyperliquid to Long HYPE

• A whale deposited $8M USDC to long HYPE on Hyperliquid.
• The same investor previously lost $13M (-43.5%) on ENA.
• HYPE is up 8% today following the whale’s move.

A crypto whale has made a bold move, depositing $8 million USDC into Hyperliquid to go long on HYPE within the past 17 hours. This comes after the same investor suffered a significant $13.01 million loss (-43.5%) on ENA, where they were among the largest stakers between April and June 2024.

A Risky Comeback?

Despite the heavy loss on ENA, this whale appears determined to bounce back, shifting focus to HYPE. The Market has responded positively, with HYPE surging 8% today, potentially fueled by the whale’s investment.

Hyperliquid, a decentralized perpetual exchange, has been gaining traction, and this move suggests that major players are willing to take sizable positions on emerging tokens. The whale’s bet could indicate confidence in HYPE’s long-term potential, but as seen with ENA, large stakes don’t always guarantee success.

Will This Gamble Pay Off?

With HYPE’s price already up following this investment, traders are watching closely to see if the momentum continues. If the whale’s strategy proves right, this could mark a turnaround from their previous losses. However, if the market moves against them again, it could further deepen their setbacks.