Large 5x Monero (XMR) Long Spotted as Price Dives Below $600

A new wallet has opened a big leveraged bet on Monero. The trader created a fresh wallet, deposited four million USDC into Hyperliquid , and opened a 5x long on 3,000 XMR. The position is worth about $1.77 million. The timing stands out because XMR just fell below the $600 level. XMR is trading near $590, down from a recent high near $657. That spike was quickly rejected, and the price has since moved sideways between $580 and $620.