Shorting $HYPE and losing money, the entire timeline was contaminated by 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 in a short period, causing a short squeeze.
Just a side note, and a bit of 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, previously, it was about listing tokens 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 run within the HIP-3 system, they will contribute revenue to Hyperliquid.
And these revenues will ultimately flow into the Assistance Fund to buy back HYPE. So many people now buying HYPE are no longer just looking at how much the exchange itself is worth, but betting on whether Hyperliquid can become a blockchain-based 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 into Hyperliquid, citing its anonymous trading environment as potentially being exploited by sanctioned entities and possibly distorting global oil price benchmarks.

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