Original | Odaily Planet Daily ( @OdailyChina )
Author: Wenser ( @wenser 2010 )
On May 26, Hyperliquid officially announced that many data on the platform hit new historical highs: the total amount of open contracts reached 10.1 billion US dollars; the 24-hour handling fee income was 5.6 million US dollars; and the USDC locked position reached 3.5 billion US dollars. It can be seen that with the new high breakthrough of the market, Hyperliquid, known as the on-chain CEX, has gradually become the focus of market liquidity. Previously, many crypto whales played long and short games here, and many of them made a lot of money. Recently, the famous James Wynn used the epic position of the Hyperliquid platform to drive the BTC and PEPE market ups and downs, 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 a hunting ground for crypto whales. Many people influence market sentiment through public positions on the chain, and then manipulate market prices to achieve their own hunting profits.
Odaily Planet Daily will briefly discuss this trend and its future directions in this article.
Hyperliquid’s trading volume hits a new high: a feast fueled by crypto whales
Readers who want to know more about Hyperliquid whale James Wynn are welcome to read the article Who is James Wynn: A trading genius from a small town, a crazy whale who gambled 1 billion . 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 known in the crypto market as the Hyperliquid 50x leverage whale, had also stirred up the market by opening orders for Hyperliquid. In March, he once made a profit of more than $9 million by betting on the Federal Reserves decision. Because the opening time was too precise and coincidental, he was also called the 50x insider brother by many crypto traders. The chain detective ZachXBT has previously published an article revealing that his true identity may be the fraudster and phishing hacker William Parker (formerly known as Alistair Packover) who has committed crimes many times. For details, please see the article The identity of the 50x Hyperliquid whale is revealed. It turned out to be a fraudster who made the headlines in British news?
In any case, the actual situation now is that Hyperliquid provides a huge on-chain stage for crypto whales with huge amounts of capital - here, on the one hand, they can show their strength, attract attention and even be sought after by opening positions; on the other hand, they can also conduct alternative trading games here, indirectly affecting the markets focus and the market sentiment behind it.
As an on-chain contract platform that has emerged 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 has thus become a battleground for MM (market makers) in the industry.
According to Dune data , from May 19 to May 25, the contract trading volume of the Hyperliquid platform reached 78.7 billion US dollars, and the overall market trading volume was approximately 109.6 billion US dollars, accounting for 71.8%; in addition, in terms of 24-hour trading volume, Hyperliquids trading volume today accounted for 73.1%, and its 7-day trading volume increased by approximately 46%; the 30-day trading volume increased by approximately 20%, ranking first among the contract platforms in the crypto trading market.
Hyperliquid market volume share weekly data
The main driving force behind such a huge trading volume is naturally the crypto whales with positions of millions, tens of millions or even hundreds of millions of dollars. This can be seen from the article Multiple Army Retreat VS Air Force Carnival: Has $100,000 Become the BTC Maginot Line? published earlier, which shows that many whales choose Hyperliquid as their first choice for opening orders. As an important indicator of the current crypto market, the various large long and short orders on Hyperliquid and the traders behind them have undoubtedly become the best market baton.
Hyperliquid becomes a new battlefield of attention: James Wynn and the skyrocketing and plummeting moonpig
As the most popular trader at the moment, James Wynns every move has attracted great attention from the market, just like the former Hyperliquid 50x leverage whale, the former Meme coin godfather Murad, and even the trader Ansem who has been active in the market. His latest masterpiece may be the Meme coin project called moonpig.
Memes make you successful, and memes also make you fail
Moonpig first came to the public’s attention on May 10th when its price surged past $0.02 .
Just two days later, its price doubled again, rising to $0.04 , and 10 days later, on May 22, it broke through $0.05 and $0.1 . At that time, James Wynn, the legendary trader, received countless attention from the market for his large-scale long orders of BTC.
Moonpig also realized a three-fold jump from a market value of 30 million US dollars to over 100 million US dollars in just a few days. Many people attributed its rising momentum to James Wynns passionate orders. But just today, moonpig fell by as much as 30% in a short period of time due to the sell-off of whales, and its market value once fell back to around 52 million US dollars (Odaily Planet Daily Note: It has now rebounded to around 79 million US dollars). This also attracted the markets dissatisfaction with James Wynn. Many people believed that he made a profit by dumping the market. Although he later denied it in a post, and even once hinted that he would withdraw from the contract market and carried out cash withdrawal operations , the subsequent order opening operations still made people secretly say it is indeed inseparable from trading.
The latest news shows that James Wynn recharged 4 million USDC to Hyperliquid as margin today. His current 40x BTC long position is worth 75.12 million US dollars, and the liquidation price is 97,702 US dollars.
In fact, the controversy and doubts surrounding James Wynn and his public calls have never stopped.
James Wynn had been criticized for charging Baby Pepe for shouting orders and blacklisting the team behind the project. This time, moonpig was also regarded by many as a stain on James Wynns trading career. After all, as he mentioned in his previous statement , Do you really think that when I have hundreds of millions of dollars in contract positions, I will care about selling hundreds of thousands of dollars of tokens? If he didnt really care, how could he care so much to endorse and shout orders openly?
Of course, history is written by the victors, 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 in his judgment, and conversely, objections are inevitable.
Trader Eugenes comment: Disclosing large positions has more disadvantages than advantages
Trader Eugene commented that James Wynns behavior of publicly building up super-large positions is controversial, pointing out that from experience, this is almost always a bad idea, and its negative externalities often outweigh the positive effects. He added that it will be worth continuing to pay attention to how Wynn uses 10 to 20 times leverage with extremely high position sizes and maintains long-term risk management capabilities.
In the long run, moonpig, as a meme coin that has attracted a certain amount of market attention, still conforms to our previous judgment that the most important thing about meme coins is not only symbols and narratives, but also attention. The current price recovery K-line trend is also an example, so the price may still be in an upward trend.
Conclusion: Onchain Summer has arrived, Hyperliquid has become a new paradise for whales
With crypto exchanges represented by Binance, OKX, and Bybit entering the on-chain ecosystem in the form of Alpha and Wallet, 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 to track the ups and downs of the trend, and on the other hand, they can also influence the off-site sentiment and market direction through positions to a certain extent to make profits. In this crypto hot land full of countless risks and opportunities, James Wynn is not the first hunter, nor will he be the last.
