Whale Activity Causes $17 Million Wipeout on Hyperliquid’s XPL Pre-Launch

Hyperliquid, a derivatives trading platform specializing in pre-launch tokens, experienced a dramatic market shakeup following large trades that triggered massive liquidations. The incident, involving Plasma’s XPL token, saw over $17 million in positions liquidated within minutes, primarily affecting short positions. Analysis points to four prominent addresses as the main force behind this drastic price swing.