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HyperLiquid's $FOGO experienced an astonishing surge in the pre-market. In just 15 minutes, the price increased by 550%, demonstrating how quickly volatility can appear in the market.
Due to this rapid price movement, traders who took short positions suffered significant losses. According to aggregated data, approximately $1.49 million worth of short positions were forcibly liquidated, reminding us once again of the substantial risks involved in leverage trading. The sharp rise during the pre-market stage, where liquidity is limited, can lead to even more extreme price fluctuations.