Giant Whale Turns Altcoin Market Upside Down! Earns Over $14 Million in Profit in Just Two Minutes!

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.