A recent move by WLFI advisor Ogle, involving a short position on TRUMP tokens, has drawn significant attention. The $2.71 million bet has sparked discussions and controversies.
Short Position and Its Consequences
The WLFI advisor opened a short position valued at $2.71 million in TRUMP tokens, leveraging 10 times. According to Spot On Chain, Ogle deposited $1 million USDC into Hyperliquid before shorting 274,600 tokens at an average price of $9.485. The current loss on the position exceeds $101,977, indicating market instability.
Wallet Structure and Strategic Exposure
The wallet linked to Ogle holds $896,711, with over 99% locked in perpetual positions. No assets are staked or vaulted, indicating a high level of relative risk conviction in the decline of TRUMP’s price.
Social Sentiment and Market
According to LunarCrush data, mentions of TRUMP plummeted from 164,217 in January to 10,780 currently. This decline highlights waning interest and reflects a bearish narrative dominating the market, which has been a key reason behind the token's price drop.
The WLFI advisor’s short position on TRUMP tokens has elicited mixed reactions within the crypto community. Debates surrounding this trade continue against the backdrop of significant shifts in market sentiments and prices.
