The HYPE token has experienced significant market volatility, resulting in over $4.44 million in liquidations within a single hour. Data indicates that nearly all liquidated positions were shorts, suggesting a classic short squeeze scenario driven by rapid price appreciation. Market observers have described the current environment as "PvPvE" (Player vs Player vs Environment), characterized by aggressive internal market conflicts. Traders appear to be actively attempting to liquidate large short positions held by specific multi-account entities. This struggle for liquidity has resulted in erratic price action as momentum continues to pressure sellers attempting to fade the rally. [Update 1] New reports detail that the volatility is being exacerbated by traders specifically targeting multi-account short positions, creating chaotic market conditions and failed liquidation attempts.