Crypto
$23.7 Million Gain for Trader After Trump Remarks on Hyperliquid
A cryptic trader has made an estimated $23.7 million in profit after taking advantage of President Donald Trump's remark about Hyperliquid, a decentralized exchange.
The trader bought 488,599 HYPE tokens for $17.18 million and staked them five months ago when the token was trading at $35.
However, with Trump's comment on August 19 that the CFTC chair Mike Selig was working to bring Hyperliquid into the US in a compliant manner, the price of HYPE skyrocketed to its all-time high of $86.71 on August 27.
The trader's staked tokens are now worth $41 million, leaving them with an unrealized profit of $23.7 million.