I was suppressed to see this today

3X Long Ethereum Token (ETHBULL) price, marketcap …

3X Long Ethereum Token price today is $1,067.67 with a 24-hour trading volume of $15,050,634. ETHBULL
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Isn’t it something to do with leveraged tokens?

Just found this on reddit:

There are currently three leveraged tokens for every future on FTX: BULL (+3x), BEAR (-3x), and HEDGE (-1x). If ETH goes up 1% during a day, then ETHBULL goes up 3%, ETHBEAR goes down 3% and ETHHEDGE goes down 1%. If ETH goes down 1% during a day, then ETHBULL goes down 3%, ETHBEAR goes up 3% and ETHHEDGE goes up 1%.

Credit to reddit user: texaschainsawer