Hyperliquid Sees Another 'Whale Hunt' as MLM Calls for Funds to Target PONS Short Whale

Hyperliquid is witnessing another 'whale hunt' as the whale Loracle holds a 3x short position on PONS, with 25.04 million PONS worth $19.41 million, representing 19% of open interest. The position is underwater with a floating loss of nearly $3 million. On-chain analyst MLM has publicly called for funds to target this whale, stating that over seven-figure capital can contact him privately, and later adding that eight-figure commitments have been secured. Loracle's liquidation price is $1.83, meaning PONS must rise 128% to trigger a forced liquidation, corresponding to a market cap of $1.284 billion. Additionally, Loracle had previously built a zero-fee fork of PONS in an attempt to mitigate losses.