A major wallet closed a 3x leveraged long and took a more than $1.6 million hit. That same investor, according to on-chain trackers, a had turned a $915,000 profit on an earlier trade hours before re-entering the market.
Several large accounts were shown deep in the red. Wallet 854RaR, which had bought about $2 million in WLFI earlier in the week, was down roughly $650,000 by Thursday.
WLFI just dropped below $0.19.
On Hyperliquid, wallet 0x1527 carried unrealized losses exceeding $2.2 million on a leveraged position. At the same time, some traders profited: wallet 0x92bb reportedly made $1.8 million from a short position.
Public figures also felt the sting. Reports said influencer Andrew Tate was liquidated for $67,500 on a Hyperliquid long position.
The token briefly traded at $0.329 at debut before slipping to just over $0.22. Reports indicate more than $1 billion in trading volume was recorded in the first hour after launch, with prices generally hovering between $0.23 and $0.31 during that initial frenzy.
Market moves were sharp and fast. Some traders entered, some left, and liquidity quickly widened the swings.
That amount equals about 0.16% of the circulating supply, which stands at close to 25 billion tokens of an original 100 billion supply.
Based on reports, the burn did not stop the slide. Investors continued to sell, and sentiment went colder. The number was significant on paper, but it was small relative to the token’s free-floating supply and the volume that hit the market.
Trackers ranked WLFI as the ninth-most-bearish asset among the top 100 cryptocurrencies, with nearly 30% of holders showing negative sentiment.
That shift came almost immediately after the token’s debut and the volatile trades that followed.
Market watchers note how quickly hype can flip into caution when large holders pull back or get liquidated.
Short sellers, meanwhile, are taking profits while supporters scramble to protect positions.
Featured image from Meta, chart from TradingView
