SpaceX just IPO-ed a few days ago, and the tokenized version on-chain is already going crazy on Hyperliquid. While the spot market is still inching up, the leveraged whales on-chain have already gone through several rounds. Some people are 10x long with unrealized profits in the millions, while others are waiting for a pullback to short. Even 2x ETFs are casually popping up. In traditional markets, it’s all about IPO price, market cap, and P/E ratio. On-chain, it’s about liquidation levels, funding rates, and who gets wiped out first. Same asset, two different worlds. On-chain moves fast, and losses come just as quick.