A significant short squeeze saga continues in the HYPE token market, initially marked by the liquidation of an $8.45 million position held by a single entity. The trader had been shorting the token across multiple wallets, betting against the asset's price momentum. Earlier reports indicated that despite this substantial loss, the trader retained a massive remaining short position estimated at around $47 million, highlighting the extreme volatility and risks facing short sellers in the HYPE market. [Update 1] New data reveals this prominent whale has aggressively doubled down, increasing their short position on HYPE to approximately $67 million. The trader added around 700,000 HYPE tokens to the short, pushing the liquidation range to a precarious $33.37 - $33.57. With the liquidation price sitting just 5% above current market levels, the position faces a critical risk of another massive squeeze. Market observers note the trader is using nearly $7 million in margin to maintain this leverage, while speculation arises that this activity might be an insider hedging strategy for airdrops.