SKHX Surges 23.4% as $5.5M Short Whale Liquidation Triggers Largest Network Event

SKHX price spikes 23.4% amid $1.56B volume, triggering a $5.54M short liquidation. The whale immediately re-enters with a smaller short position despite the loss.

Woofun AI reports that SKHX experienced a significant price rebound on July 31, resulting in the largest single liquidation event on the network to date. At 8:02 UTC, a whale address beginning with 0x890 had its short position forcibly closed, involving 4,892.6 SKHX tokens at an average liquidation price of approximately $1,133.6. The total liquidation value reached $5.547 million, with the trader incurring a loss of about $0.866 million. At the moment of liquidation, the SKHX mark price stood at $1,146.5, continuing an upward trajectory that saw the asset trade at $1,152.5 by publication time, representing a 23.4% intraday gain. Trading volume for the 24-hour period totaled approximately $1.558 billion, while open interest remained around $451 million.

Despite the substantial loss, the whale did not exit the market. Just 17 seconds after the initial liquidation, the same address opened a new short position on SKHX. This new position utilizes 10x leverage on 770 SKHX, valued at approximately $0.887 million, with an average entry price of $1,147.8. The trader currently faces an unrealized loss of about $3,337, with a liquidation price set at $1,249.99. Although the new position size is significantly smaller than the liquidated one, the trading direction remains bearish.