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Black Friday - Sharing because getting asked what happened. Pengu knows many took hits and some wiped out. Pretty sad to see some reports of suicide. You are not alone.
Process, Accept, Learn and Grow
Not a larp and Pengu backs his conviction with real skin in the game. Bullish AF on $BONK and kept rotating trading profits into dcaing into low leverage position on @HyperliquidX to complement my large spot position
Unfortunately @HyperliquidX took $BONK sub 0.004 while coinbase $BONK never went below 0.012 (equivalent) and at the time of cascade only went to 0.015 (equivalent)
Nearly a 4x delta from perps to spot pricing. Just insane. Never seen this before in all my time in crypto
Many alts including $BONK went down 70-90% in less than 10 minutes. Tried to close the perp position ahead of the liq level but trades repeatedly kept failing
The massive price dislocation mainly happened on asian CEXes (Binance, Bybit) and not on DEXes, yet @HyperliquidX , that doesnt share a pricing oracle, went lower than most. Wouldve not been liquidated on CB or with the DEX pricing
Hearing Binance and @Lighter_xyz are working on solving for their discrepancies with some users. Not sure if @HyperliquidX is doing the same but please let Pengu know if so
Any long exposure, including my sub 2x long (liq sub 0.001), was wiped out before arbed and recovered closer to spot pricing
Reminder that even low leverage that I thought was comfy is still leverage which can result in a zero like it did for Pengu. Unpleasant loss but we move on still in the game
Fortunately, majority of exposure for $BONK and other coins are spot and Pengu lives to fight another day
There are haters who danced in comments and in group chats, celebrating losses of others. Frankly, DGAF about people like this. Like homeless people on the corner that rant and scream nonsense, why would Pengu or you care about opinions of people that we don't care about? Empty vessels make the loudest noise
Probably attract more with this post but sharing anyways in the event others find something positive to walk away with. I'm here to Win and Help Win, even if it means sharing personal losses as lesson for others to benefit from
Bullish on $BONK and will surprise people to the upside when all said and done. Pengu will keep grinding harder now to make sure it happens. Motivated AF
The Dog and Pengu will run it back to new ATHs before cycle end and make for a hell of a story over drinks in the future. The jobs not finished
GOD WILLING
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