A surprising market event unfolded on the decentralized derivatives platform Hyperliquid this morning. An unexpected surge in the price of XPL, a token offered by Hyperliquid, triggered massive profits for a large investor and significant losses for other traders within minutes. 💰 📈 💸 ❌
According to Lookonchain, a whale opened a long position on XPL, clearing the order book and causing short positions to be liquidated. This action led to a rapid increase in price, reaching $1.80 from its starting price of $0.80, resulting in an estimated profit of over $14 million for the whale in just two minutes. 🤯
While this event highlights the potential risks associated with high leverage trading on platforms like Hyperliquid, the platform claims its systems functioned normally throughout the volatile period.
**Disclaimer:** This is not financial advice.