The trading power and attention overlap again in the new paradise Hyperliquid publicly at Giant Whale

Author: Wenser, Odaily Planet Daily

On May 26, Hyperliquid officially stated that many data on the platform once again hit record highs: the total amount of open contracts reached US$10.1 billion; the 24-hour fee income was US$5.6 million; and the locked position of US$3.5 billion. It can be seen that with the breakthrough of the market's new high, Hyperliquid, known as the "on-chain CEX", has gradually become the focus of market liquidity. Previously, many crypto whales competed here with bulls and bears, and many people made great achievements. James Wynn, who has been famous recently, has used the epic positions of the Hyperliquid platform to drive the BTC and PEPE markets to sink, and the attention and liquidity it attracted once overflowed to meme coins such as moonpig.

It is no exaggeration to say that to a certain extent, Hyperliquid has become an encrypted giant whale hunting ground. Many people influence market sentiment through open positions on the chain, thereby achieving market price manipulation, thereby completing their own hunting profits.

This article briefly discusses this trend and subsequent trends.

Hyperliquid trading volume high: a feast boosted by crypto whales

About Hyperliquid James Wynn, readers who want to have a comprehensive understanding of this person are welcome to read the article "Who is James Wynn: A trading genius from the town, a crazy giant whale that has bet on 1 billion yuan". What we are going to talk about today is the potential and conductive impact of crypto whales like James Wynn on the crypto market in the current market environment.

It is worth mentioning that James Wynn is not the first crypto whale to "influence the market trend with positions". @qwatio, who was previously famous for the crypto market for "Hyperliquid 50x leverage whale", had previously stirred up the market turmoil because of Hyperliquid orders. He once bet on the Federal Reserve's resolution in March to achieve a profit of more than $9 million. Because the opening time point was too accurate and coincidental, it was also called "50x Insider Brother" by many crypto traders. On-chain detective ZachXBT has previously published an article to reveal his true identity or a fraudster and phishing hacker William Parker (formerly known as Alistair Packover), who has committed many crimes. For details, please see "50x Hyperliquid Giant Whale Identity Revealed, but Is he a fraudster who has made headlines in the UK? 》 article.

In any case, the reality now is that Hyperliquid provides a huge "on-chain stage" for crypto whales with huge amounts of funds - here, on the one hand, they can show their strength, attract attention and even pursue by opening positions; on the other hand, they can also engage in alternative trading games here, affecting the focus of market attention and the market sentiment behind them from the side.

As an on-chain contract platform that has risen in recent years (although Hyperliquid has always claimed to be a high-performance L1 public chain), Hyperliquid has become a major liquidity gathering place that cannot be ignored in the crypto market, and thus has become a must-fight place for MM (market market makers) in the industry.

According to Dune data, from May 19 to May 25, the Hyperliquid platform contract trading volume reached US$78.7 billion, and the overall market trading volume was approximately US$109.6 billion, accounting for as high as 71.8%. In addition, in terms of 24-hour trading volume, Hyperliquid's trading volume today accounted for as high as 73.1%, and its 7-day trading volume increased by approximately 46%; the 30-day trading volume increased by approximately 20%, ranking first in the crypto trading market contract platform.

Hyperliquid Market transaction volume share weekly data

Such a huge trading volume, the main driving force behind it is naturally inseparable from the crypto whales with positions of millions, tens of millions or even hundreds of millions of dollars. From the previous release of "Multi-army retreat vs. Air Force Carnival: 100,000 US dollars has become the "Magino Line" of BTC? In the article ", many giant whales choose Hyperliquid as their "first choice for ordering". As an important weather vane in the crypto market at present, various large long and short orders on Hyperliquid and the traders behind them have undoubtedly become the best "market baton".

Hyperliquid becomes the new battlefield of attention: James Wynn and moonpig that surges and plummets

As the hottest trader at the moment, James Wynn's every move has attracted high attention from the market, such as Hyperliquid's 50-fold leverage whale, former Meme currency godfather Murad, and even trader Ansem, who has been active in the market. And its latest "proud work" may be this Meme coin project called moonpig.

Success is Meme, failure is Meme

moonpig first appeared in the public eye for the first time due to a price surge of over $0.02 due to its first price increase.

After just 2 days, its price doubled again to US$0.04, and after 10 days, on May 22, it broke through US$0.05 and US$0.1 in succession. At that time, it was the time when James Wynn, the legendary trader, gained countless attention from the market due to BTC's large long orders and take profit.

Moonpig also started to jump from a market value of US$30 million to over US$100 million in just a few days. Many people attributed its upward momentum to James Wynn's passionate call. But just today, moonpig's short-term decline was as high as 30% due to the giant whale's selling, and its market value fell to around 52 million US dollars (Odaily Planet Daily's note: it has rebounded to around 79 million US dollars), which also attracted the market's dissatisfaction with James Wynn. Many people think that he made a profit by smashing the market. Although he later denied it, and even once issued a post that he would withdraw from the contract market and carried out cash withdrawal operations, the subsequent order opening operation still made people secretly say, "It's true that it is still inseparable from trading."

The latest news shows that James Wynn once again recharged 4 million USDC to Hyperliquid as margin today. Currently, its 40-fold BTC long position is worth US$75.12 million and the liquidation price is US$97,702.

In fact, the controversy and doubt surrounding James Wynn and his public calls never stopped.

Previously, James Wynn was criticized for calling for orders for Baby Pepe and blocking the team behind the project. This time, moonpig was also regarded by many people as a "stain from trading career" of James Wynn. After all, as he mentioned in his previous statement - "Do you really think that when I hold a contract position of hundreds of millions of dollars, I will care about selling hundreds of thousands of dollars of tokens?" If I didn't really care, how could I care so much about endorsing the platform and calling for orders?

Of course, history is written by the winner, and the crypto market is no exception. At this moment when James Wynn is still using tens of millions of dollars to verify his investment logic, countless people still choose to believe his judgment, and in contrast, objections are inevitable.

Trader Eugene sharply commented: Open large-scale positions do more harm

than good

Trader Eugene commented that James Wynn's publicly establishing super-large positions is controversial, pointing out that "from experience, this is almost always a bad idea, and its negative externalities tend to outweigh the positive effects." He added that it is worthwhile to continue to pay attention to how Wynn uses 10 to 20 times of leverage at extremely high positions and maintains long-term risk management capabilities.

In the long run, moonpig, as a Meme coin that has attracted a certain level of market attention, still conforms to the judgment we mentioned earlier that "the most important thing about Meme coin is not only symbols, narratives, but also attention." The current K-line trend of price recovery is also an example, so the price may still be on an upward trend.

Conclusion: Onchain Summer has arrived, Hyperliquid becomes a giant whale

new paradise

With the crypto exchanges represented by Binance, OKX, Bybit, etc. entering the on-chain ecosystem, traditional investment institutions entering the crypto market through ETFs, and listed companies hoarding BTC to enjoy the dividends of stock price increases, Onchain Summer has entered every corner of the crypto market in an alternative way, and Hyperliquid, the largest "on-chain contract platform", has also become a new paradise for many crypto whales.

Here, on the one hand, they can make profits by frequently placing orders, and on the other hand, they can also make profits through positions that affect off-market sentiment and market direction to a certain extent. On this cryptic hot land with countless risks and opportunities, James Wynn is not the first hunter, nor will he be the last.