The recent surge in XPL token price on Hyperliquid has drawn attention to alleged manipulations by major holders. The token's price increased by over 200%, resulting in significant profits for several investors.
Whales' Profit from XPL
Four major token holders reportedly earned approximately $48 million due to the rapid price increase of XPL. This price action has led to accusations of market manipulation, as the price rose over 200% within minutes.
Connection to Justin Sun
One of the most discussed wallet addresses has been 0xb9c, speculated to be connected to prominent crypto figure Justin Sun. Its actions have come under scrutiny following the token's sharp price increase.
Need for Better DEX Governance
The XPL price surge has sparked discussions regarding the transparency and governance of decentralized exchanges. Blockchain observers are calling for improvements to DEX governance to prevent similar incidents in the future. A central point of concern is the need to combat manipulations that may threaten market fairness.
The incident with the XPL token once again raises questions about the potential for manipulations on decentralized exchanges. Without measures to enhance governance, such incidents may recur, jeopardizing the integrity of the cryptocurrency market.
