Shorting $HYPE and losing money, the entire timeline was contaminated by HYPE hype.

Because the understanding of HYPE has not been continuously updated, it remains at the Pepr DEX level, completely unaware of things like HIP-3, which, combined with recent policy influences, has led to a strong FOMO sentiment and a short squeeze market.
Just a side note, let's do a quick science popularization: what is HIP-3?
Previously, what could be traded on Hyperliquid was basically decided by the official. After HIP-3, anyone can create perpetual contract markets on Hyperliquid. You can think of it as, before it was trading coins on an exchange, now everyone can open a market.
Hyperliquid's earnings are no longer just from its own trading fees, but from the trading fees of the entire ecosystem. In the future, whether it's Meme, AI, long-tail assets, or various new narratives, as long as they operate within the HIP-3 system, they will contribute revenue to Hyperliquid.
And these revenues will eventually flow into the Assistance Fund to buy back HYPE. So many people now buying HYPE are no longer just valuing the exchange itself, but betting on whether Hyperliquid can become an on-chain financial infrastructure.
This is also why HYPE's valuation has been rising recently, yet there are still people willing to buy in.
Because if in the future spot trading, perpetuals, Launchpad, stablecoins, and prediction markets all run on Hyperliquid, then the valuation logic of HYPE will no longer be just a DEX token.
But this does not mean $HYPE can spiral upwards endlessly; faced with huge market cap pressure, CME and Intercontinental Exchange (ICE, the parent company of the New York Stock Exchange) are jointly pressuring the CFTC to conduct an investigation into Hyperliquid, citing concerns that its anonymous trading environment could be exploited by sanctioned entities and may distort global oil price benchmarks.

Written on a morning after a liquidation, after a good sleep.