A trader on Hyperliquid has made a staggering profit in hours after opening a long position on the newly launched INIT token. Pumped over 30% in the past 24 hours, INIT is the native currency for Initia blockchain, which went live on mainnet on 24 April.
A recent post from Lookonchain notes that the Hyperliquid trader went long on INIT with 2X leverage at the market price of $0.638, and they are now sitting at a profit of $654k – as per latest data from Hypurrscan.
The trader opened a long position on Hyperliquid 15 hours ago, right after the INIT token went live for trading on multiple crypto exchanges. Given that the trade was opened just before the tremendous pump, people are accusing that the trader could be a potential insider and they are involved in the Initia team.
At the time of writing, INIT price is trading near $0.8494 – up 30.82% while having a trading volume of nearly $1 billion. It has a market cap of $126.35 million which makes it the 304th largest crypto asset.
On Binance exchange, the INIT token was launched at a price of $0.2 while it is now pumped to $0.85 – marking a staggering jump of 325% from the launch.
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