Hey there, meme coin enthusiasts! If you’ve been keeping an eye on the crypto world, you’ve probably heard the buzz about a recent whale move that’s got everyone talking. On July 24, 2025, at around 01:49 UTC, the blockchain analytics account Lookonchain dropped a bombshell on X about a massive trade involving 1,085 ETH and a hefty bet on Dogecoin (DOGE) with 10x leverage. Let’s break it down and explore what this means for the meme coin scene!

The Whale’s Big Play

This crypto whale started by swapping 1,085 ETH—worth about $3.92 million USD at current rates—for 3.92 million USDC. That’s a smooth move using Uniswap V4, a popular decentralized exchange. But the real action kicked off when the whale deposited that entire 3.92 million USDC into Hyperliquid, a platform known for its zero-gas-fee perpetual futures trading. Here, they went long on DOGE with a whopping 10x leverage, opening a position worth 81.44 million DOGE—translating to roughly $19.82 million!

Check out the transaction details below:

What’s 10x Leverage, Anyway?

For those new to the game, leverage trading lets you borrow funds to amplify your position. With 10x leverage, you’re controlling a trade 10 times larger than your initial investment. So, with $3.92 million USDC, this whale is playing with $39.2 million in exposure. The upside? Huge potential profits if DOGE’s price spikes. The downside? A small dip could wipe out the entire investment. It’s a high-stakes gamble that’s got the community buzzing!

Why DOGE? The Meme Coin Appeal

Dogecoin, the original meme coin, has a loyal following and a history of wild price swings—think back to its 2021 peak at $0.74! Today, it’s trading around $0.27 (as of mid-2025 data), but its volatility makes it a favorite for leveraged trades. This whale’s move suggests strong confidence in a potential DOGE rally, possibly fueled by community hype or upcoming market trends.

Hyperliquid: The Platform Behind the Move

Hyperliquid stands out with its innovative approach—no gas fees, maker rebates, and up to 50x leverage. This platform’s instant finality (trades settle in under a second) and transparent on-chain order book make it a go-to for bold traders. The whale’s choice to use Hyperliquid highlights its growing popularity in the DeFi space, especially for meme coin enthusiasts looking to maximize gains.

Community Reactions: Hype or Hype?

The X thread exploded with reactions. Some users called it “based” and praised the whale’s guts, while others warned of a potential wipeout. One user even suggested this move might be “so retarded it’s genius.” It’s clear this trade has sparked a mix of excitement and skepticism—classic meme coin territory!

What This Means for Meme Coin Traders

This whale’s bold bet could signal a turning point for DOGE and other meme coins in 2025. With platforms like Hyperliquid lowering barriers to leveraged trading, more players might jump in, driving volatility. But it’s a reminder to tread carefully—leverage is a double-edged sword. If you’re thinking of diving in, start small, research thoroughly, and consider your risk tolerance.

Stay Tuned at Meme Insider

At Meme Insider, we’re all about keeping you updated on the latest meme coin moves. This whale’s play is just the beginning—follow us for more insights, trends, and tips to navigate the wild world of meme tokens. What do you think—will this 10x leverage move pay off? Drop your thoughts in the comments!