Monero Whale Trade Sees 4x Leverage on Hyperliquid
A significant whale trade has been observed on Hyperliquid, a decentralized perpetual exchange, involving Monero (XMR). The trader transferred $3.56 million USDC to open a leveraged position on XMR tokens, establishing a notional value for the trade at approximately $14.33 million.
The trade employs about 4x leverage, which means that the deposited collateral of $3.56 million is controlling a position worth over four times that amount. The trader has positioned their take-profit levels between $475 and $516, indicating expectations for an XMR rally of 20% to 30% from current price levels.
XMR has appreciated nearly 10% in the last week, trading within a range of $393 to $402 after breaking through a critical descending trendline that had limited its price movement. This sharp increase is likely due to the recent whale trade and increased trading activity on Hyperliquid.