Hyperliquid whale-hunt attention returns as Loracle’s PONS short is openly targeted

Attention has returned to another so-called whale-hunt episode on Hyperliquid, this time centered on a large PONS short held by trader Loracle. According to on-chain analyst Ai Yi, Loracle opened a 3x leveraged short on Sept. 3 and now holds roughly 25.04 million PONS, a position valued at about $19.41 million. The reported entry price is $0.6553, and the trade accounts for 19% of total open interest in PONS contracts on Hyperliquid. The position is currently showing a floating loss of nearly $3 million, while the trader is still adding to it. Separately, overseas analyst MLM said publicly yesterday that anyone interested in taking a large position against the short could contact him directly if their capital exceeded seven figures. MLM later said that commitments from eight-figure capital had already been secured. Loracle’s current liquidation price is around $1.83, meaning PONS would need to rise another 128% to trigger liquidation if no additional margin is posted.