After Elon Musk unfollowed an account suspected to be linked to his son, Meme coin MAX fell over 86% from its peak.

According to TradingBeats monitoring, Hyperliquid’s INIT perpetual contract is trading at approximately $0.112, down 49.78% in the past 24 hours, and has fallen around 59.92% from yesterday’s high of $0.279. Alongside the sharp price drop, the funding rate has stayed extremely negative, meaning short positions must pay funding fees to longs. Between 12:00 yesterday and 11:00 today, INIT’s hourly settlement rates were negative across all 24 consecutive rounds, totaling -7.70%, with 8 straight rounds hitting the -0.5% hourly rate level. The current reference funding rate remains at -0.117% per hour. The contract’s notional open interest stands at roughly $1.5 million, with a 24-hour trading volume of about $16.15 million. Earlier, Initia suspended its Layer 1 (L1) chain on November 10 due to a security incident. The project team disclosed that around $3.27 million in assets were transferred to attacker addresses, of which approximately $2.16 million remains on the suspended chain, and stated it plans to replenish the affected asset reserves.

According to OnchainLens monitoring, a trader holds a $30.71 million long position in NVIDIA (NVDA) with 5x leverage, currently facing an unrealized loss of $2.6 million. Just 11 hours ago, this same wallet had earned around $1.02 million from a long position in SNDK. Its cumulative historical profit and loss now totals $610,100.

Whale 0x3C71 deposited its remaining 102M $ENA ($15.6M) into #Coinbase over the past 2 days. The whale received 142.92M $ENA ($69.69M) from #Ethena 2 years ago and has now sold it all at an average price of $0.24.

According to TradingBeats monitoring, the whale address starting with 0xc568 continued to add to its crude oil short positions from last night to this morning. It added roughly $2.07 million in WTI crude oil short trades and $3.96 million in Brent crude oil short trades, with average entry prices of $86.83 and $92.07 respectively, bringing total new short exposure to around $6.03 million. As of 11:07 today, the address still holds approximately $44.74 million in combined WTI and Brent crude oil short positions, with total floating profits of about $2.62 million. Specifically, the WTI short position is valued at $14.74 million, with an overall average entry price of $89.31, generating $804,000 in floating profits; the Brent crude oil short position is worth $30.01 million, with an average entry price of $95.55, bringing $1.812 million in floating profits. On the news front, Reuters reported today that Middle East tensions and expectations for Russia-Ukraine peace talks have renewed pressure on oil prices. During Asian morning trading, both Brent and WTI crude oil futures fell around 1.2% at one point. In the previous trading session, the two contracts closed up around 1.4% and 0.6% respectively. Beyond crude oil short positions, the address also holds roughly $3.86 million in natural gas long positions, with an average entry price of $3.269, generating $398,000 in floating profits. Currently, both of its two crude oil short positions and one natural gas long position are in profit, with total floating profits of approximately $3.01 million.

Pump.fun announced in a post that its application has added support for Sei trading, allowing users to trade any Sei ecosystem tokens via the platform.

According to TradingBeats monitoring, Hyperliquid’s NATGAS natural gas perpetual contract trades at $3.64, up roughly 3.13% in the past 24 hours, with a trading volume of around $38.42 million and an open interest notional value of approximately $32.37 million. Amid the price rally, long positions are facing elevated holding costs. The funding rate has been positive for all 24 hourly periods over the past day, totaling about 1.97%, meaning longs continuously pay funding fees to shorts. Calculated on a fixed $10,000 notional long position, the total payment over the past 24 hours is roughly $197. Notably, the hourly funding rate hit 0.1693% at 06:00 today, translating to a single payment of around $16.93 per $10,000 long position. The current hourly reference rate has since fallen back to approximately 0.0413%. In related news, Reuters reported on November 11 that cooling weather expectations, near-record liquefied natural gas (LNG) export demand, and recent production declines have jointly driven U.S. natural gas price gains, with some upside also stemming from short covering. However, there remains a gap between short-term weather trading and the broader winter supply-demand outlook. The U.S. Energy Information Administration (EIA) cut its forecast for the average Henry Hub natural gas spot price from November this year to March next year by 16% to $2.87 on November 10, citing warmer-than-expected weather in early November, upward inventory revisions, and production growth as key factors.