XPL Soars Then Plummets After Controversial $16M Move from Justin Sun Wallet

A dramatic price swing on the XPL token on the Hyperliquid exchange has shocked the crypto community after a move attributed to a wallet linked to billionaire Justin Sun. In under two minutes, a large purchase of 15.2 million XPL by this wallet completely wiped out the platform’s order book, sending the token’s price soaring from $0.60 to $1.80 in a matter of minutes. This move triggered massive liquidations and resulted in a sudden market chaos.