Decentralized derivatives trading platform Hyperliquid witnessed a surprising market event this morning. Accordingly, XPL on Hyperliquid increased by almost 200% in just 5 minutes. Thanks to this increase, a whale made a profit of $16 million in 2 minutes from his XPL long position on Hyperliquid. This situation in XPL triggered massive short liquidations, after which the XPL price quickly retreated, sparking controversy in the community. What Happened? According to Lookonchain's post, a whale address opened a long position for XPL on Hyperliquid this morning, clearing the order book and causing short positions to be closed. With this transaction, the whale caused XPL to increase by 200% to $1.80 in 2 minutes, making a profit of over $14 million in this short time. The investor still holds 15.2 million XPLs worth approximately $10.2 million. Some traders claimed that this wallet belongs to Tron (TRX) founder Justin Sun. Due to XPL whale manipulation on Hyperliquid, one whale made a huge profit while another address' XPL short position was completely liquidated, resulting in a loss of $4.59 million. Hyperliquid announced today that its protocol is operating normally during the period of high volatility experienced in the XPL/USD leverage market. The company explained that despite the price increase lasting several minutes, its systems followed normal procedure. *This is not investment advice. Continue Reading: Giant Whale Turns Altcoin Market Upside Down! Earns Over $14 Million in Profit in Just Two Minutes!
