I do dislike him and his whole chain, but for many more reasons than just this one. What people need to understand is that CZ has evolved because he understood the game of money. It’s not something anyone wouldn’t do if you or I were in his position, we’d probably do the same. When everything started, the early exchanges and big players who got in first had a huge advantage. They bought early and ended up holding most of the supply across the board. Back then, their main interest was to appear as the “good guys” forming partnerships, building products, expanding globally, and pushing crypto adoption. At that stage, it was necessary to play the good card for the market to grow. But things have changed. These players have matured and fully understand the game now. Their current interest is to extract as much liquidity as possible. As more major players enter the space, the markets are set up to pump allowing those who hold the majority of the supply to lend or sell it at higher prices. Look at Bitcoin or Ethereum, for example. As institutions increasingly position themselves in these assets, the supply on exchanges has decreased, making them harder to manipulate. So, exchanges want to sell to new players while prices are high. On the other hand, for altcoins where there’s little institutional interest exchanges and early holders still control most of the supply. This means they can move prices however they want until new demand comes in. In short, this is what maturity in the space looks like. These people understood the game long ago and no longer care about community sentiment or project fundamentals. Their job is to extract as much money as possible for as long as they can until new players enter and take their place. It’s never a question of if it’s a question of when. For this market to evolve, new participants must always come in: new institutions, new retail investors, and new liquidity.

HyperLiquid created 2,000 millionaires.

Every chain has a memecoin that gets valued in billions. It's a rite of tradition in crypto that it must happen for every new chain that launches. Ethereum had $PEPE and $SHIB, Solana had $BONK and $WIF. One memecoin always rises to the top and ends up sitting at billions. Memes are also genuinely useful. They attract retail investors as a sort of marketing spectacle. It’s a way to onboard millions of users to a chain. And they're fun! Meme culture has generated billions of dollars in revenue for Solana and its ecosystem. Right now a lot of that culture is rotating, Solana is dying and everyone is looking for where it should go next. I think it should go to Hyperliquid, and there's a way to make it happen. It's $MAX, Jeff's dog. That's the whole thesis. It's the founder's dog and now it's a coin. A place for everyone to start trenching somewhere that isn't a graveyard. The distribution is the same logic that made $HYPE work, airdropped to other $HYPE holders and no insider allocation. A memecoin living on Hyperliquid (fairly launched) traded on-chain, with a community forming around it. If it takes off it will be the first billion dollar memecoin traded natively on an orderbook. It also makes Hyperliquid into more than a DEX. Max is, in a dumb and perfect way, proof of trenches. Every coin that trades here, every joke that catches, is activity that used to go somewhere else. The bet is simple: Hyperliquid can host a big memecoin the way solana hosted BONK. If it can, that's the clearest signal there is that the trenches have a new home. I'm not promising Max is that coin, most memecoins go to zero and this one might too. But a billion dollar runner is going to emerge on this chain eventually. There's no law saying it has to be on Solana anymore. MAX has no utility, it doesn't stake, secure, govern, or earn you a thing. It is a picture of a dog, and it was airdropped to the Hyperliquid community at a rate of 10,000 $MAX per $HYPE. Buy it if you think it's funny and you want to help drag the trenches somewhere better. That's the entire reason to own it. Every chain needs a dog coin. Hyperliquid's is MAX. app.hyperliquid.xyz/trade/MA…