Hyperliquid sets $5 reference price for CXMT pre-IPO contract, but traders are already pricing it much higher

Hyperliquid set a $5 reference price for its CXMT pre-IPO contract, but traders are already pricing it much higher. The inflated trading prices highlight speculative fervor and potential volatility in pre-IPO markets, impacting investor strategies and valuations. The contract allows traders to speculate on CXMT's value before its public listing.