Two whales suffered losses while shorting CHIP, with one whale incurring a paper loss of over $1.7 million.

CoinFeed reported on April 23 that, according to Onchain Lens monitoring, as the price of CHIP rose, whale "0x5C2" opened a 3x short position in CHIP within the past 24 hours, currently showing a floating loss of over $1.7 million. Another whale, "0x0ee," deposited 1.9 million USDC and made its first trade on CHIP: the long position yielded a profit of $323,000, but the short position was subsequently partially liquidated, resulting in a final loss of over $1.26 million.