According to Lookonchain, whale address 0x670d has deposited 3.37 million USDC into the Hyperliquid platform to initiate a short position on PEPE using 3x leverage (source: Lookonchain, May 29, 2025). This significant capital deployment signals heightened bearish sentiment among large holders towards PEPE, a trending meme coin, and may trigger volatility or influence broader meme coin trading strategies. Traders should monitor PEPE price action closely, as large shorts can accelerate liquidations and increase risk for leveraged long positions in the current crypto market environment.

According to Lookonchain, whale address 0x670d recently deposited 3.37 million USDC into Hyperliquid and initiated a short position on PEPE using 3x leverage (source: Lookonchain, May 29, 2025). This significant leveraged short could increase downward pressure on PEPE’s price and signals bearish sentiment among large holders. Traders should monitor PEPE’s liquidity and open interest as this move may trigger increased volatility and potential liquidations. The event highlights growing institutional activity in meme coins and could influence related altcoins in the crypto market.

According to Lookonchain, a dormant crypto whale reactivated after four years, withdrawing $2.96 million USDC from Coinbase and transferring it to Hyperliquid. The whale then opened high-leverage short positions on ETH, PEPE, WIF, and OP, earning over $2.4 million in just four hours. This trading activity signals significant bearish sentiment and demonstrates that large capital movements to decentralized derivatives platforms can quickly impact market volatility and price direction for major altcoins and meme tokens. Traders should monitor whale wallet activity closely for early signals of rapid price movements. (Source: Lookonchain on Twitter, May 17, 2025)