The XPL token, a pre-launch asset associated with the upcoming Plasma network, experienced a dramatic price spike and subsequent crash on Hyperliquid trading platform during early Asian hours. This fluctuation was attributed to a large long position by an unidentified whale, followed by rapid liquidation and market disruption, particularly affecting Hyperliquid traders. analyses suggest that Justin Sun, founder of the TRON network, may be linked to the actions due to a suspected connection with a particular wallet address. 200% surges were observed before a sudden crash, indicating potentially deliberate market manipulation. The events highlight the vulnerability of new token markets in the face of whale activity, draining liquidity and impacting trading for other users. While XPL is considered a high-risk investment, the incident showcased how concentrated positions on Hyperliquid can have cascading effects.