XPL Surge on Hyperliquid
Recently, XPL on Hyperliquid saw a dramatic increase of nearly 200% in only 5 minutes.
Due to this surge, a whale managed to secure a profit of $16 million in just 2 minutes from his long position in XPL on Hyperliquid.
This spike in XPL triggered significant short liquidations, leading to a rapid price retreat and generating debate within the community.
As reported by Lookonchain, an address belonging to a whale initiated a long position for XPL on Hyperliquid earlier today, effectively clearing the order book and resulting in the closure of short positions.
In the wake of this transaction, XPL soared by 200% to $1.80 in 2 minutes, allowing the whale to gain over $14 million in that brief period.
Some traders suggested that this wallet may be associated with Justin Sun, the founder of Tron (TRX).
Due to the whale’s manipulation of XPL on Hyperliquid, one whale made a substantial profit, while another address’s short position on XPL faced total liquidation, incurring a loss of $4.59 million.
Hyperliquid announced today that its protocol is functioning normally amid the heightened volatility observed in the XPL/USD leverage market.
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The company clarified that even though the price surge lasted for several minutes, its systems adhered to standard procedures.
This is not investment advice.
