Crypto Whale Bets Big on Monero Price Surge
A significant crypto whale has taken out a leveraged long position on Monero (XMR) through the Hyperliquid trading platform, betting that its price will climb to around $475-$516.
The whale opened a 4x long position on 36,000 XMR, worth approximately $14.33 million at the time of the transaction, using a newly created wallet that deposited 3.56 million USDC into Hyperliquid.
The trader has already set take-profit orders at prices ranging from $475 to $516, indicating an expectation of further upside in XMR. Large traders use derivatives platforms like this to position for potentially significant price moves.
XMR has had a big year so far, emerging as one of the strongest-performing privacy-focused cryptocurrencies. Its growing demand and recent technological developments have contributed to its success.