A newly created wallet deposited 4.5 million USDC into Hyperliquid to short SPCX, suspected to be betting on a pump-and-dump pattern after the IPO.

Odaily reported that according to Lookonchain monitoring, a newly created wallet address 0xcc3A recently deposited approximately 4.5 million USDC into the decentralized derivatives platform Hyperliquid, and subsequently placed a limit order to short $SPCX.

The trading activity shows that the address adopted a batch limit shorting strategy, which is widely interpreted by the market as betting on a trading structure where SPCX first rises amid the IPO-related market movements, followed by a sell-off and pullback (pump and dump).