This weekend on crypto social media, memecoin traders spun yet another fantastic tale of leveraged trading meltdown.
According to the still-being-written legend, crypto exchange MEXC locked $3 million belonging to famed crypto trader The White Whale.
As he continued to amass money from leveraged trading despite the freeze, he claimed that he’d become so wealthy that if MEXC ever unfroze the funds, he’d give away the proceeds to the community.
Then, on October 10, HyperLiquid liquidated $63 million of his then-larger assets amid a contentious pricing print from a data oracle.
Though briefly devastated, MEXC eventually agreed to unlock his assets, prompting celebrations over his legendary return and, predictably, the creation of various memecoins.
Smelling an opportunity, The White Whale decided to use some of his recently unlocked $3 million, earmarked for “the community,” to overtake one of these eponymous memecoins and add liquidity on its trading pairs.
The White Whale of crypto
Most crypto traders simply laughed as he attached cringe-worthy images of a white whale engaged in financial transactions to his trading commentary tweets.
The laughter was appropriate, given how impossible it is to verify his narrative. So-called decentralized exchanges with limited know your customer requirements like HyperLiquid allow anyone to create an unlimited number of wallets and manipulate the pricing of markets across various wallets that they control.
In other words, no one except the trader knows if someone has sole claim to a single wallet and username, or whether someone is using multiple wallets in order to craft a trading history for one of many usernames.
The White Whale, like the titular whale in Herman Melville’s 1851 novel, Moby Dick, has become an obsession to many on social media, thanks to the fantastic sums of money at stake, the clownish images, and the ostensibly philanthropic, Phoneix story arc.
For some reason, crypto traders find themselves drawn to characters like James Wynn or Tether FUD due to their multi-million dollar notional bets and rollercoaster profit ‘n loss.
This month, they couldn’t stop laughing at a degenerate HyperLiquid memecoin promoter who claimed to have made millions, lost it all, and then somehow gave away even more.
