Deutsch한국어日本語中文EspañolFrançaisՀայերենNederlandsРусскийItalianoPortuguêsTürkçePortfolio TrackerSwapCryptocurrenciesPricingIntegrationsNewsEarnBlogNFTWidgetsDeFi Portfolio TrackerOpen API24h ReportPress KitAPI Docs

Trader Makes $2.1M Profit From Investing in Hyperliquid in a Week

9h ago
bullish:

0

bearish:

0

Share

A crypto trader has netted over $2.1 million in profit in a week on the decentralized exchange Hyperliquid. Known as Machi Big Brother, the trader began his strategy by funding his Hyperliquid account. On May 16, he deposited a substantial amount of 6.04 million USDC. This large capital injection positioned him to make significant moves.

The Strategic Trade

According to data from blockchain analytics firm Lookonchain, Machi placed a total of seven long trades on Ethereum (ETH) and Hyperliquid’s native token, HYPE. All of these trades were profitable, netting him $669,600 in gains. 

With his funds on the platform rising to $6.7 million, Machi decided to go all in on the token. He used the funds to buy 218,866 HYPE at an average price of $30.63. Then, he staked the assets instead of flipping them for a quick gain. This move was likely aimed at benefiting from the platform’s yield incentives or token-based rewards.

In just a few days, HYPE surged in value, netting Machi a significant return on his investment. The tokens that were initially worth $6.04 million surged to $8.2 million in a week. This marked an impressive $2.1 million profit on his original investment.

Hyperliquid Captures Market Interest 

The success story of this trader has shone a spotlight on Hyperliquid’s growing influence in the decentralized finance (DeFi) space. The platform’s fast execution, high-leverage options, and native token ecosystem have proven attractive to seasoned traders. These features appeal to those seeking both flexibility and yield opportunities.

Lately, the asset has seen increased traction following bullish sentiment from industry analysts. Earlier this week, BitMEX co-founder  Arthur Hayes expressed his confidence in the asset’s long-term prospects. He predicted that the token may hit $100 soon. The forecast triggered major FOMO among investors eager to capitalize on the gains before it hits the anticipated price level.

At the time of writing, HYPE changes hands at $35.05, representing a 13.2% increase in the last 24 hours. Its trading volume has surged by 38.40% from one day ago, currently at over $542 million.

The post Trader Makes $2.1M Profit From Investing in Hyperliquid in a Week appeared first on Cointab.

9h ago
bullish:

0

bearish:

0

Share
Manage all your crypto, NFT and DeFi from one place

Securely connect the portfolio you’re using to start.