HYPE Price Decline Leads to Major Short Position

On April 28, HYPE's price experienced a decline, briefly touching the $40 mark. According to BlockBeats On-chain Detection, the trader known as 'Loracle' on Hyperliquid has successfully closed a short position with 5x leverage, now holding a position valued at $23.8 million. The average entry price for this position was $40.871, making it the largest short position on-chain for HYPE. The address associated with this position belongs to an early contributor to the Hyperliquid ecosystem and is the founder of Hypurrfun. Previously, during HYPE's surge from $20, this address was heavily invested in long positions, becoming the second-largest long position on-chain for HYPE. However, on April 20, the strategy shifted to shorting the asset. Address: 0x8def9f50456c6c4e37fa5d3d57f108ed23992dae