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 a 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 here, 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 about tokens on exchanges, 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 buy HYPE not because they think the exchange itself is worth that much, but because they are 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 the market.
Because if in the future spot trading, perpetuals, Launchpad, stablecoins, prediction markets, and other things all run on Hyperliquid, then the valuation logic of HYPE will no longer be just a DEX token.
But this does not mean that $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, citing concerns that its anonymous trading environment could be exploited by sanctioned entities and might distort global oil price benchmarks.
Written on a morning after a liquidation, having a good sleep.