Hyperliquid’s SpaceX pre-IPO contract crashed 45% in just 30 minutes, wiping out $1.51M. 405 traders were liquidated, with the median margin sitting at only $31. The contract recorded just $4.87M in daily volume — a single large sell order completely drained liquidity. This isn’t real SpaceX stock. It’s a synthetic perpetual contract: • No shares • No ownership • Just leveraged speculation ahead of the expected June IPO With no public price benchmark and extremely thin liquidity, retail traders got destroyed chasing pre-IPO hype. Thin market + leverage = disaster. What's your take on SpaceX, and do you have confidence in it? #Hyperliquid #SpaceX #Crypto