According to CoinMeta, monitoring by mlm, in the past 24 hours, the amount of margin calls on HYPE perpetual contracts on Hyperliquid reached $60.3 million, the highest level in at least a year. Of this, single margin calls amounted to approximately $60.1 million, accounting for 99.7%, involving 3,284 wallets and 13,161 forced liquidation transactions. During this period, the price of HYPE fell to a low of $59.85. Additionally, a large holder named chipmonk88 had borrowed approximately $22.7 million in USDC using about 421,000 HYPE as collateral. As the price of HYPE dropped, their lending position underwent five partial liquidations within four hours, with a total of 283,391 HYPE (about $15.9 million) being taken over by the Hyperliquid backup liquidation mechanism. The average liquidation price was about 11.6% below the market price, resulting in an additional loss of about $2.07 million. Currently, this wallet still holds about 138,000 HYPE as collateral and owes $6.7 million in USDC. The next liquidation price is set at $58.80.