Hyperliquid Token Skyrockets 2.5x: Whales Drive Short Squeeze & New Protections

A sudden short squeeze sent Hyperliquid’s XPL token soaring 2.5 times in a matter of minutes, wiping out traders and prompting the protocol to quickly implement auto-deleveraging mechanisms. Analysts suggest four whales were responsible for driving this massive price spike, netting over $46 million in profit. While XPL/USD contracts on Hyperliquid briefly hit prices near $1.80 before retracing, Binance’s pre-market for the same token peaked at just $0.55, highlighting the volatile nature of this token launch.