Hyperliquid Traders Drive CXMT Trading Volumes to Peak Levels on IPO Day
On July 27th, ChangXin Memory Technologies (CXMT), a major Chinese DRAM manufacturer, made its highly anticipated debut on the Shanghai Stock Exchange (SSE), becoming China's most valuable publicly traded AI-infrastructure company. The IPO coincided with record trading volumes for CXMT on the Hyperliquid blockchain platform (HIP-3), peaking at over $9 million. The stock surged 470-530% at its debut, pushing its market cap over $483 billion, driven by massive demand exceeding the IPO's supply. On Hyperliquid, pre-IPO trading saw prices fluctuate significantly, with the futures market reaching $234 million in early hours. Notably, a former major Bitcoin trader shifted entirely to trading CXMT futures. The event highlights how crypto derivatives platforms are being used for early price discovery and potential hedging against volatility in major traditional market IPOs.
cryptonews.ruDün 11:56
