In the fast-paced world of crypto trading, certain wallets gain legendary status for their bold moves and impressive profits. One such trader, dubbed the "First Time Depositor," has caught the attention of the onchain community once again. According to a recent post from Onchain Lens on X, this mysterious entity has deposited $2 million in USDC into HyperLiquid and opened a 20x leveraged long position on Ethereum (ETH).

For those new to the scene, HyperLiquid is a decentralized perpetual futures exchange built on its own blockchain, known for high-leverage trading options—up to 50x on some assets. It's particularly popular among meme token enthusiasts because it offers perps on volatile assets like PEPE, DOGE, and other trending memes, allowing traders to amplify their bets without owning the underlying tokens.

This isn't the depositor's first rodeo. Just over a week ago, Onchain Lens reported that the same wallet closed out a similar ETH long position, pocketing a cool $1.38 million in profits. That move came after a series of deposits totaling around $7.35 million in withdrawals, showcasing a pattern of strategic entries and exits.

Why does this matter for meme tokens? ETH's price often sets the tone for the broader altcoin and meme market. A bullish bet like this—especially with 20x leverage—signals strong confidence in ETH's upside, which could spill over into meme coins built on Ethereum or those correlated with its performance. Think about it: when ETH pumps, gas fees rise, but so does the hype around ERC-20 memes. Traders watching smart money like this depositor might pile into related tokens, creating ripple effects.

The wallet's address, tracked on Hyperbot, shows a history of calculated risks. Starting with smaller deposits like $10,000 and scaling up to millions, it's a textbook example of how onchain data reveals "smart money" behaviors. Tools like Onchain Lens simplify this data, making it accessible for retail traders to follow whales without needing advanced analytics skills.

Of course, leveraged trading is a double-edged sword. With 20x leverage, a small price dip could lead to liquidation, turning that $2 million into fuel for the bears—as one reply to the post quipped, "yikes." But if ETH continues its upward trajectory, this could be another win for the depositor, potentially inspiring copycat trades in the meme space.

As meme token markets evolve, keeping an eye on platforms like HyperLiquid provides valuable insights. Whether you're a seasoned degen or just dipping your toes, stories like this highlight the thrill and risks of onchain trading. Stay tuned to Meme Insider for more updates on whale moves and their implications for your favorite memes.