Hyperliquid Faces Scrutiny After Alleged Whale Manipulation of XPL Price

Analytics firm SpotOnChain has raised concerns about the platform’s role in recent price fluctuations, alleging a coordinated wallet activity that sent XPL token prices soaring before rapidly reversing. This move reportedly netted traders over $15 million while causing losses of more than $6.5 million for those caught off guard. Lookonchain further highlighted that volatility triggered high-net-worth whale investors to inject liquidity to avoid liquidation, with some depositing millions of dollars in USDC.