XRP Overtakes Shopify, Verizon, Citigroup in Market Value as Price Eyes $6

PANews reported on September 14th that, according to on-chain analyst @ai_9684xtpa, as PUMP prices hit new highs, Hyperliquid's top 2 account by 24-hour revenue, 0xtyle-imToken washed af, has seen a 5x long position in PUMP, generating a $7.365 million profit. It currently holds 1.94 billion PUMP (worth $14.63 million), making it Hyperliquid's largest PUMP long position. The position opened at $0.003737, with $397,000 in funding paid. Furthermore, its BTC/FARTCOIN/SOL/kPEPE positions have accumulated a $1.791 million profit, bringing the total account profit to $9.186 million.

PANews reported on September 14th that, according to on-chain analyst Yu Jin, an account named "btc@tuta.com" on Hyperliquid holds the largest PUMP short position, currently suffering a $35 million unrealized loss. This account shorted 8.56 billion PUMP tokens with 5x leverage, a position valued at $64 million. The position opened at $0.00338, and the current price of PUMP has more than doubled. Besides PUMP, this account also holds multiple short positions, primarily in SOL and LINK. The total unrealized loss currently stands at $44.1 million. However, this address is frequently traded, suggesting it may be an arbitrage/hedging address.

PANews reported on September 14th that Derive co-founder Nick Forster proposed increasing the supply of DRV, the native token of his on-chain options exchange, to retain core contributors and secure deals with institutional partners. The proposal calls for minting 500 million DRV tokens, increasing the supply by 50%, and distributing these tokens to the Derive Foundation (to be renamed the Lyra Foundation). Forster stated that the proposal estimates that existing holders would see their tokens diluted by up to 8.25% annually over four years. As part of the proposal, Forster said Derive has “entered into a key partnership that will bring institutional-grade liquidity and custody services to the ecosystem,” adding that the foundation is “in advanced talks with several of the largest liquidity providers and dealers to bring in deeper liquidity and launch new product lines.”