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3 Meme Coins to Watch in the Third Week of June 2026

Top Whale Watch: "BTC OG Insider Whale" Sees $27M Paper Profit, "Strategy Bear Whale" Adds $18M to ETH Short Position 2026.01.07 10:54:39

**January 7th Update** Per the Coinbob Popular Address Monitor, market recovery has boosted the "BTC OG Insider Whale’s" unrealized profits to $27 million. Meanwhile, the "Strategy Counterparty" has expanded its ETH short position to $79.5 million. Most whales held positions steady or made minor adjustments; key details below: ### BTC OG Insider Whale Total unrealized profits hit $27.06 million. Its core holding is an ETH long position (16% profit) worth ~$660 million at an average entry of $3,147 (unrealized gain: $21.33 million). It also holds profitable BTC and SOL long positions. Total account holdings sit at ~$825 million, making it the top ETH, BTC, and SOL long holder on Hyperliquid. ### CZ Counterparty Current ETH long position has $3.5 million in unrealized profits (~$185 million holding, avg $3,190). It also holds an XRP long position (~$87.95 million) with $1.05 million in unrealized losses. It’s the largest XRP long holder and second-largest ETH long holder on Hyperliquid; weekly profits hit $30.61 million, with no recent position changes. ### ZEC Largest Short Closed ~$1.6 million in MON short positions overnight/this morning; current MON short holding sits at ~$8.07 million (avg $0.028, $20k unrealized loss). Its ETH short position has flipped from profit to loss (~$149 million holding, avg $3,239). Total short holdings: ~$182 million, with $13.85 million in weekly losses. It’s the top short holder for ETH, ZEC, and MON on the platform. ### Shanzhai Air Force Leader Opened a ~$340k BTC short position. Recently added to holdings of PUMP/MET, plus short positions on Solana-chain meme coins PEPE and Fartcoin—total related short size now ~$6 million. It remains the largest LIT short holder on Hyperliquid (~$14.17 million, avg $2.7, $1.65 million unrealized loss). ### pension-usdt.eth Launched a 3x-leveraged ETH short position with $2.31 million in unrealized losses. Current holding: ~$65 million (avg $3,136, liquidation price: $4,547). ### Strategy Opponent Position Added ~$18 million to its ETH short position yesterday through today, bringing total holding to ~$79.5 million (avg $3,145, $2.55 million unrealized loss). It’s also the largest BTC short whale on Hyperliquid (~$139 million, avg $91,300).

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But analysts say the $3M loss on Hyperliquid likely masked a larger net gain through hedged positions placed on other platforms.

A coordinated attempt to manipulate the price of Fartcoin (FART) on Hyperliquid ended in a $3 million liquidation loss after the scheme triggered an automatic safety mechanism that forced the platform’s own liquidity pool to absorb the fallout.

However, blockchain analysts tracking the incident say the attacker likely walked away with a net profit through hedged positions they had placed elsewhere, leaving Hyperliquid’s liquidity providers holding the bag.

How the Attack Unfolded According to Peckshield and Lookonchain, a single entity spread about $15 million worth of FART long positions across four wallets, accumulating over 145 million tokens. Their data shows the wallets were funded from Binance and Bybit, with three of them traced by on-chain researcher mlmabc to the same entity that had previously squeezed the XPL token.

The alleged manipulator deliberately chose a low-liquidity environment, which made it easier for them to move the price, with Fartcoin going up by about 20% around the time the positions were being built. Hyperdash, a trading terminal built for Hyperliquid, reported that at their peak, the coordinated longs had generated a combined unrealized gain of $1.3 million. Even price data from CoinGecko confirmed the move, showing FART going from near $0.20 to a high of $0.2476 between 20:05 and 23:55 GMT on April 8.

After that, the trap was sprung. Instead of exiting, as would have been expected, given that prices were flying, the schemer deliberately let the positions get liquidated, a tactic Peckshield called “suicide” liquidation. According to them, the intention was to trigger the platform‘s Auto-Deleveraging (ADL) mechanism, which forcibly closes the opposing side of a trade in extreme situations to cover losses.

In this instance, ADL meant that short traders were closed out against their will, and Hyperliquid’s own liquidity pool, known as HLP, was left holding a $13 million long position in a collapsing market. One wallet, 0x06ce, exited with a $512,000 profit before the liquidation cascade, according to Hyperdash.

Peckshield’s and Lookonchain’s assessments were that the manipulator went underwater for $3 million following the liquidation, with the former suggesting they may have profited elsewhere.

You may also like: Why Capital Is Flowing Into XRP, SOL, and HYPE Instead of BTC and ETH HYPE Price Explodes as ETF Inflows and SpaceX Perps Boost Hyperliquid Financial Advisors Managing $175 Trillion Are Eyeing These Crypto Sectors Instead of Bitcoin “A $3M loss on paper, but likely a massive net profit via cross-revenue hedging,” wrote Peckshield.

Fartcoin Down 10% HLP is said to have lost about $1.5 million in the last 24 hours, and Fartcoin is down 10% over the same time period after its price fell from the $0.24 it reached during the manipulation episode.

Meanwhile, Hyperliquid’s HYPE token, which dipped by 23% following a similar liquidation incident last year involving the JELLY token, seems to have fared better this time. At the time of writing, it had only shed a mere 0.4% off its level from 24 hours ago and was up more than 10% in the last 7 days.

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A trader lost about $3 million after building a large leveraged Fartcoin position on Hyperliquid that unraveled in thin liquidity, triggering the platform’s auto-deleveraging (ADL) mechanism.

Lookonchain said, citing Hyperliquid data, that the trader accumulated about 145 million tokens across multiple wallets before being liquidated. The liquidation redistributed gains to opposing traders, with at least two wallets seeing around $849,000 through ADL.

PeckShield said the unwind produced about $3 million in accounting losses and left Hyperliquid’s HLP vault down roughly $1.5 million over 24 hours, though Hyperliquid had not publicly confirmed those figures by publication.

The episode highlighted how ADL can crystallize gains for traders on the other side of a collapsing position, while raising fresh questions about how Hyperliquid’s liquidation and vault structure behave in low-liquidity markets.

One of the wallets that profited from the redistribution. Source: Hyperdash

PeckShield said the activity appeared structured to trigger liquidations in low-liquidity conditions, potentially pushing losses onto Hyperliquid’s liquidity pool while being offset by positions elsewhere.

Cointelegraph reached out to Hyperliquid for comments, but had not received a response before publication.

Source: PeckShieldAlert

Past trades exposed similar pressure on Hyperliquid’s liquidity systemThis is not the first time Hyperliquid’s liquidity system has come under pressure from large, concentrated positions.

On March 13, 2025, the platform’s Hyperliquidity Provider (HLP) vault took a roughly $4 million hit after an oversized Ether (ETH) position was unwound, triggering liquidations under thin market conditions. After the incident, the team said that losses stemmed from market dynamics rather than a protocol exploit.

A similar episode occurred later that month involving the JELLY memecoin. On March 27, 2025, a trader used multiple leveraged positions to exploit the platform’s liquidation system.

However, the final outcome remained unclear, with Arkham saying the trader withdrew about $6.26 million but may still have ended up down nearly $1 million.

On Nov. 13, 2025, a similar pattern occurred when a trader built large leveraged positions in the POPCAT market, triggering cascading liquidations that left a $5 million hole in the HLP vault. Community members said the strategy appeared designed to create and then remove liquidity to force the vault to absorb the impact.

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Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

What Happened in the Fartcoin Liquidation Event? A trader lost about $3 million after building a large leveraged position in Fartcoin on Hyperliquid, which unraveled under thin liquidity conditions and triggered the platform’s auto-deleveraging (ADL) mechanism.

Blockchain data flagged by Lookonchain shows the trader accumulated roughly 145 million tokens across multiple wallets before being liquidated. As the position collapsed, gains were redistributed to traders on the other side of the market, with at least two wallets receiving around $849,000 through ADL.

PeckShield said the unwind resulted in approximately $3 million in accounting losses and left Hyperliquid’s Hyperliquidity Provider (HLP) vault down about $1.5 million over a 24-hour period, although the platform had not confirmed these figures at the time of publication.

How Does ADL Amplify Gains and Losses? Hyperliquid’s ADL system is designed to manage risk during forced liquidations by automatically reducing opposing positions when liquidity is insufficient. In practice, this can transfer value from one side of the market to another when large positions unwind rapidly.

In this case, the liquidation did not only close the trader’s position but also redistributed profits to counterparties positioned against it. The structure effectively turned a single collapse into a profit event for a small number of traders able to absorb the flow.

PeckShield noted that the activity appeared structured to trigger liquidations in low-liquidity conditions, potentially pushing losses onto Hyperliquid’s liquidity pool while being offset by positions elsewhere.

Investor Takeaway Auto-deleveraging systems can transfer losses across participants rather than eliminate them. In thin markets, large leveraged positions can turn liquidation into a redistribution event that benefits counterparties while stressing liquidity pools.

What Does This Reveal About Hyperliquid’s Liquidity Structure? The incident has raised fresh questions about how Hyperliquid’s liquidation and vault systems behave under stress. The HLP vault, which acts as a backstop for liquidity and absorbs imbalances, recorded losses during the event, highlighting its exposure to extreme market conditions.

While the platform has previously attributed similar losses to market dynamics rather than protocol flaws, repeated events suggest that structural vulnerabilities may persist when liquidity is fragmented or shallow.

Investor Takeaway Liquidity backstops like HLP vaults can absorb shocks but also accumulate losses during extreme events. Their performance depends heavily on market depth and the distribution of leveraged positions.

Is This Part of a Broader Pattern? This is not the first time Hyperliquid’s liquidity system has come under pressure from large, concentrated trades. On March 13, 2025, the HLP vault took a roughly $4 million hit after an oversized Ether position was unwound under similar thin liquidity conditions.

Later that month, a trader used multiple leveraged positions in the JELLY memecoin market in what appeared to exploit the platform’s liquidation mechanics. The final outcome remained unclear, with Arkham reporting that the trader withdrew about $6.26 million but may still have ended up with net losses.

On Nov. 13, 2025, another event involving the POPCAT market triggered cascading liquidations, leaving an estimated $5 million deficit in the HLP vault. Community analysis suggested the strategy involved creating and then removing liquidity to force the vault to absorb losses.

These repeated incidents point to a recurring dynamic where large, coordinated positions interact with thin liquidity to produce outsized effects on both traders and protocol-level liquidity reserves.

About the Author: Abdelaziz Fathi

Abdelaziz Fathi covers the intersection of forex/CFD brokerage, regulation, liquidity, fintech, and digital assets. With a B.A. in Finance and hands-on industry exposure, Aziz blends analytical rigor with clear storytelling to make complex market structure understandable for traders, brokers, and fintech professionals.

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June 18, 2026 11:03 AM 6 min read

image credit: Author

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