Crypto Trader Loses $1.98 Million on Long Bet as KAITO Plummets

A crypto trader on the Hyperliquid decentralized exchange (DEX) has suffered significant losses due to a long bet on KAITO (KAITO). The token's price plummeted over 27% in the past 7 days, resulting in a net loss of $1.98 million for the trader.

The trader, identified as 0x2be3…8082, had closed a long position for 6,065,626 KAITO on August 10, amid bullish exhaustion earlier last week. The token traded at around $0.6693 at that time.

As the price of KAITO continued to decline, the trader's losses mounted, with fees paid amounting to about $4,083. The total loss for the trader was $1,982,938 in approximately 192 hours.