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Unexpected Surge of XPL on Hyperliquid: A 200% Increase in Just 5 Minutes

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by Giorgi Kostiuk

5 hours ago

A surprising market event occurred on the decentralized derivatives trading platform Hyperliquid, where the XPL asset saw a 200% increase within a mere 5 minutes.

What Happened?

This morning, a whale opened a long position for XPL on Hyperliquid, causing the price to spike by 200% to $1.80 in just 2 minutes. This transaction allowed the whale to make over $14 million, while holding a total of 15.2 million XPL worth approximately $10.2 million.

Traders' Reactions

Some traders speculated that the whale's address may belong to Justin Sun, the founder of Tron (TRX). As a result of the whale's price manipulation, another address with a short position was completely liquidated, incurring a loss of $4.59 million.

Hyperliquid's Situation

Hyperliquid stated that its protocol was operating normally during the period of high volatility in the XPL/USD leverage market, and the systems adhered to standard procedures despite the brief price surge.

The situation with XPL on Hyperliquid highlights the risks and opportunities associated with derivatives trading, as well as the reactions of traders to volatile price changes.

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