Memecoin whales ride longs on Hyperliquid

Mainstream data observations

BTC core liquidation positions:    

Long position: Liquidation price at $92,043 with a liquidation amount of $923 million.

Short position: Liquidation price at $94,101 with a liquidation amount of $325 million.

The current BTC price: $92,742. The liquidation amount for long positions is larger, with $92,000 serving as an important support level to observe. The liquidation amount for short positions is more concentrated, mainly around $94,000.

ETH core liquidation positions:   

Long position: Liquidation price at $1,737.9 with a liquidation amount of $375 million.

Short position: Liquidation price at $1,813.5 with a liquidation amount of $97.97 million.

The current ETH price: $1,780. The liquidation intensity for long positions is large and concentrated, with significant liquidation amounts, especially around $1,730, which serves as an important support level to monitor. Market sentiment for ETH is bullish.

Total stablecoin market cap: $234.25B

The total market cap has seen minimal changes. USDC issued an additional 816.05 million coins, with a 0.95% increase on Solana. USDT issued an additional 516.87 million coins, with a 1.54% increase on Tron.

BTC market cap share: 64.26%

TOTAL3 market cap: $809.16B

BTC’s market cap share has slightly decreased but remains at a high level. After BTC broke through $94,000, the TOTAL3 market cap increased by $40 billion. Altcoins may experience a strong rebound, with particular focus on the AI sector, ETH ETF staking, and memecoins.

Current core miner shutdown price: $75,305.6

The proportion of miners above the shutdown price has decreased to 17%. The average shutdown price for mainstream mining machines is $72,000, which is an important price level to monitor.)

Bitcoin MVRV-Z score: 1.90

MVRV is the ratio between the minimum market value (current market value) and the actual value (total value of all BTC when last moved). The MVRV-Z score has risen again with the recent increase in BTC prices.)

Bitcoin BVIV score: 54.09

The BVIV score has slightly increased on April 23, but the index remains within a relatively controllable range, similar to the level at the end of March.)

[Market rating]

Donald Trump has stated that high tariffs on China will significantly decrease and that he will adopt a more friendly negotiating stance. This news has led to expectations of a strong rebound in US stocks. On April 23, the latest news reports that the son of US Secretary of Commerce, Howard Lutnick, Brandon Lutnick, is collaborating with SoftBank, Tether, and Bitfinex to create a multi-billion-dollar Bitcoin acquisition platform. Additionally, the easing of tariff negotiations has significantly boosted cryptocurrency market sentiment. The current Fear & Greed Index stands at 72, indicating a state of greed. The current bull/bear sentiment score is 90 (Bullish).

[0-40 Bearish; 40-50 Cautiously Bearish; 50-70 Neutral; 70-80 Cautiously Bullish; 80-100 Bullish]

Market overview

Bitcoin continues to break higher, entering the $92,000–$96,000 range, with a recent peak near $94,141. Typically, there are two possible scenarios after entering this range. The first is the formation of multiple consolidation zones, building momentum through multiple breakout setups. The second scenario involves failing to break the key resistance level above, leading to a pullback that would mark the end of the rally from $74,500, followed by a new upward leg after the correction. At present, the market leans more toward the first scenario, where continued upward momentum is more likely.

Macro overview

On April 22, Donald Trump acknowledged that the 145% tariffs imposed on China are extremely high and stated that they would be significantly reduced in the future. On the same day, US Treasury Secretary Bessent expressed optimism that the trade deadlock between the US and China would not persist. The softening of Trump's tariff stance led to a drop in gold prices, a new stage high for Bitcoin, and a strong open in China's A-shares market. Market risk-aversion has eased. Trump also stated he wouldn’t fire Fed Chair Jerome Powell, helping to set a more stable tone for financial markets. With Trump's extreme tariff pressure on China appearing to pause, negotiations are expected to resume. In the short term, this shift supports a rebound in equity assets.

Key events

• During the company’s quarterly earnings call, Elon Musk announced that he won’t fully withdraw from the Department of Government Efficiency (DOGE), but will significantly scale back his involvement starting in May.
• According to CNN, Donald Trump has stated that the high tariffs on Chinese goods will come down substantially, but they won’t be zero.
• According to CoinDesk, the CEO of MoonPay has suggested that the company might be working on a stablecoin. 
• According to CoinDesk, Dutch bank ING is collaborating with multiple banks and crypto service providers to prepare a new stablecoin, aiming to leverage the regulatory compliance framework introduced by the EU's MiCA regulations.
• According to Reuters, Trump Media & Technology Group (TMTG), the media company owned by Donald Trump, has finalized a deal with trading platform Crypto.com and asset manager Yorkville America Digital to launch an ETF that will include digital assets in its securities offering.
• BitMEX co-founder Arthur Hayes has stated that the rapid strengthening of the Japanese yen may lead to leveraged traders closing their positions in US stocks and bonds, anticipating a monetary easing policy from central banks.
• According to Daily Economic News, JD Group vice president Shen Jianguang has stated that JD's stablecoin has entered the "sandbox" testing phase in Hong Kong.

Hot projects

Token		Description	Market Cap（$)
	ZEREBRO AI concept	ZEREBRO is a self-operating AI system capable of creating, distributing, and analyzing content without human intervention. It leverages retrieval-augmented generation (RAG) techniques and high-entropy human interaction data to generate diverse content, effectively avoiding the common “model collapse” issues seen in AI models. The token has recently seen a rapid price surge.	63 million
	DEEP Leading protocol in the Sui ecosystem	DeepBook is a decentralized central limit order book (CLOB) built on the Sui blockchain. It aims to provide an efficient, low-latency liquidity layer for the Sui ecosystem. On April 17, it launched the V3.1 upgrade, introducing permissionless liquidity pools to lower entry barriers, support multiple tokens for transaction fees, simplify liquidity provisioning, and enhance capital efficiency. DEEP has shown strong performance amid the recent market rebound.	530 million
	TURBO AI +meme	Turbo Token is an ERC-20 meme coin on the Ethereum blockchain, launched in April 2023 by Australian digital artist Rhett Mankind. Centered on artificial intelligence (AI), it is known as "the first meme coin fully created by AI." The token has recently experienced heightened market activity.	240 million
	SWARMS AI concept	Swarms is a cryptocurrency token on the Solana blockchain, forming part of the broader Swarms ecosystem. At its core is an AI framework that supports multi-agent collaboration to automate complex tasks. In February 2025, Swarms released the $SWARMS Token Integration Guide, detailing how to integrate SWARMS payment functionality into third-party platforms using the Solana blockchain and Phantom wallet. The token has shown recent price volatility.	38.37 million

Exchange updates

• Coinbase will launch the tokenbot (CLANKER) and according to crypto.news, has confirmed it is considering applying for a US federal bank license.
• Bitget has launched HYPER/USDT perpetual contracts with up to 20x leverage, will list Dolomite (DOLO) on April 24, and has also listed Lumo-8B-Instruct (LUMO) and Trenches News Network (TNN) on Bitget Onchain.
• Binance Alpha has listed Hyperlane (HYPER), added SKYAI (SKYAI), TROLL (TROLL), and Wizard Gang (Wizard), while Binance has listed DEEP/USDT perpetual contracts with up to 50x leverage.
• OKX will delist the trading pairs including KISHU/USDT, MAX/USDT, MILO/USDT, MXC/USDT, and SSWP/USDT on April 29.

Industry landscape

• DAO infrastructure provider Tally has completed an $8 million Series A funding round, led by Blockchain Capital.
• Bitcoin infrastructure company Arch Labs has completed a $13 million Series A funding round, led by Pantera Capital.
• Full-chain liquidity infrastructure StakeStone has announced receiving investment from Animoca Ventures.

Emerging projects

Token	TOFI	SHART	BOTIFY
Description	TOFI centers on the tokenization of real-world assets (RWA) on-chain, leveraging the technical advantages of the Solana ecosystem. It emphasizes decentralization, compliance, and the integration of AI tools, aiming to create an "asset tokenization solution without lawyer fees and intermediaries."	SHART builds a dual-token economic model through a "feces culture" narrative. Holders automatically receive Fartcoin rewards, creating an absurd closed loop of "fart covering shitcoin." The narrative originates from the community's spontaneous creation of excrement metaphors, combined with popular reward mechanisms on the Solana blockchain. It is essentially a cultural deconstruction of the Ponzi scheme in the crypto world.	BOTIFY constructs the AI agent ecosystem for the Web3 era, competing with Shopify through a "no-code AI agents + marketplace platform" model. It focuses on automation tools and the concept of passive income. The narrative blends the AI wave with football event marketing, creating a dual promotional anchor of technology and sports.
Price	$0.003426	$0.001213	$0.009576
Market Cap（$）	3.42 million	1.21 million	9.57 million
Token Holders	3,306	1,367	13,027

Token	OPAIUM	SIDELINED	TAI
Description	OPAIUM positions itself as a blockchain AI music DAO label. Its core narrative revolves around the relationship between the founder Jeffy (@jyu_eth) and the Zerebro project, along with the dramatic story of betrayal by the Blorm team. The token attempts to merge AI-generated art, Web3 music distribution, and DAO governance concepts, but faces a crisis of a treasury sell-off, which weakens the credibility of the narrative.	The meme narrative is built around the sentiment of being "marginalized by the market," using irony and self-deprecation to imply that users should participate to avoid missing the opportunity. The cultural core is derived from the common FOMO sentiment found in the crypto market, but it lacks a concrete story extension.	TARS AI is a decentralized artificial intelligence protocol built on Solana, with a core narrative focused on the AI agent marketplace and on-chain research laboratories. It blends the Web3 ecosystem with collaboration with cloud computing giants, emphasizing the combination of technological infrastructure and governance token economics.
Price	$0.001453	$0.002436	$0.058103
Market Cap（$）	1.45 million	2.43 million	34 million
Token Holders	1,031	2,772	21,274

Hyperliquid smart money tracking

On April 23, the market continued its volatile yet strong trend, with smart money clearly shifting towards long positions in small coins and mainstream coins. Several new addresses have appeared with high multiple profit records, indicating that major capital is no longer waiting conservatively but is actively engaging in the market. 

The well-established smart money address 0xb3…06f still holds short positions in HYPE, PURR, BNB, MNT, etc., but the returns are continuing to converge. The HYPE short position has fallen to a 31.62% return, with a 7-day PnL loss of as much as -340,000, with only ETH and BTC long positions supporting the overall account. In contrast, 0xf4…d1d continues to hold a short position in a combination of WLD, VIRTUAL, and USUAL, with returns still good, although the overall account profits have slightly decreased.

Notably, multiple new wallets have started to heavily invest in memecoins and strong small coins, with long position returns significantly outperforming the market average:

• 0x50…db6 has heavily invested in long positions for PEPE, FARTCOIN, and TRUMP, with returns ranging from 100% to 240%. The 7-day PnL and unrealized total profits exceed 20 million USDT, making it one of the most outstanding funds in this round.
• 0xc2…740 has similarly placed heavy bets on FARTCOIN (+43%) and XRP (+6%), with a 7-day profit and loss reaching the 2 million USDT level.
• 0x32…812 has placed single bets on SOL and PENGU, with returns of 130% and 109%, indicating that capital is moving from memecoins to strong mainstream chain ecosystems (such as Solana).

As new smart money fully invests in memecoins and strong assets, it is recommended to readjust the focus of observation, concentrating on the main capital turning bullish, and capturing the main trend of the rebound.

Address	Trading pair	Token quantity	Unrealized PnL	Last seven days PnL&Unrealized profit and loss
0xb3…06f	HYPE	-137,133	306,095.69 (31.62%)	-343,153/ 481,201
	ETH	+400.558	26,035.15 (76.35%)
	BTC	+7	55,971.26 (188.84%)
	PURR	-367,406	65,630.49 (184.26%)
	BNB	-647.02	36,695.21 (86.38%)
	MNT	-65,000	3,354.94 (34.38%)
0xf4…d1d	HYPE	-3,992.59	12,456.1 (42.42%)	X/ 269,021
	VIRTUAL	-91,460	23,954.2 (133.42%)
	WLD	-60,000.6	180,602.94 (779.14%)
	USUAL	-149,972.7	1,840.66 (40.1%)
	ETH	+7.1002	2,071.84 (394.59%)
0xc7…5bc	BTC	+7.9387	71,002.85 (159.82%)	89,078/ 86,228
	SOL	+1,141.11	15,364.69 (50.05%)
0x50…db6 *New smart money	PEPE	+4,143,686,498	6,545,433.03 (211.2%)	11,561,208/ 9,911,848
	FARTCOIN	+5,427,246	2,103,551.62 (246.93%)
	TRUMP	+1,312,857	1,288,194.56 (118.64%)
0xc2…740 *New smart money	FARTCOIN	+5,015,850	1,772,760.77 (43.31%)	2,013,122/ 1,844,898
	XRP	+1,372,101	88,330.31 (5.99%)
0x32…812 *New smart money	SOL	+22,561	820,228.02 (130.06%)	557,573/ 859,950
	PENGU	+21,148,351	38,100.46 (109.02%)

Other opportunities

On-chain DeFi mining yield products:

Project Name	Compound（Blockchain：Ethereum） ←→ Token：USDT
Participation Method	From the Compound official website, go to Earn, connect your wallet, and deposit USDT into the Compound USDT product.
Project Information	Compound: A decentralized lending platform that allows users to borrow and lend from an asset pool, with interest rates determined algorithmically based on the proportion of lent assets.
Earnings Details	Deposit token: USDT APY: 10.59% (returns are subject to change) Revenue Composition: Native APY 0.45% + WPOL 10.18% - Management Fee 0.05%
Product Data	Current total deposits: 11.30M Available liquidity: 6.85M
Note	WPOL is a nested version of the POL token based on Ethereum, while POL is the native token of the Polygon network.

Risk: The price volatility of incentive tokens may affect actual returns. Users should invest cautiously and conduct their own research.

Disclaimer

The development and market cap of stablecoins mentioned in the above content are speculative and based on market analysis at the time of writing and should not be interpreted as guaranteed outcomes. Market conditions can fluctuate widely and unpredictably due to numerous factors such as regulatory changes, market demand, and global economic developments. 

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