3x leverage short PURR, floating loss of 160% of principal, this liquidation line looks like a death sentence

CryptoWorld News reports that a major whale has shorted the Meme coin PURR within the Hyperliquid ecosystem, with unrealized losses reaching $570k. Driven by Hype breaking its all-time high, PURR surged 18% today, currently trading at $0.1307, but still about 80% below its historical peak. The PURR trading volume on the Hyperliquid platform exceeded $10 million today, with open interest reaching $9.7 million. This shorting whale turned from profit to loss during the rebound over the past week, with unrealized losses further expanding to $570k today, and total capital withdrawal exceeding $1 million this week, resulting in a loss of 160% of the position's principal. Currently, this address is still shorting 12.7M PURR tokens with 3x leverage, with a position value of approximately $1.66 million, an average entry price of $0.0854, and a liquidation price of $0.3055.