Helium Token Surges 170% in Massive Weekend Short Squeeze
Helium ripped over 160% in a single weekend as forced short liquidations triggered a massive squeeze toward one dollar. Open interest nearly tripled while funding rates plunged into deep negative territory, signaling intense leverage. With trading volume exceeding total market cap, late buyers now face heightened pull-back risks as momentum cools.
Helium executed a massive short squeeze over the weekend, driving HNT from under $0.30 to a peak near $0.99. The rally was not sparked by organic spot accumulation, but by trapped bears getting forcefully liquidated as price cleared key technical levels.
Derivatives metrics lit up across major venues, with perpetual funding rates dropping past negative 1.2% per payment interval. Open interest skyrocketed nearly 200% to $13.64 million, while 24-hour trading volume topped $248 million — far exceeding HNT's entire circulating market value.
With $1.6 million in short positions wiped out, the forced buying cascade has begun to slow around $0.88. Traders should monitor open interest and funding normalization closely, as extended leverage at these levels leaves late buyers vulnerable to a sharp flush if spot support fails.