Whale Wallets Manipulate XPL Price, Netting $38 Million in Profits
A whale uses multiple wallets and a large USDC deposit to manipulate XPL’s price, leading to a temporary surge above $1 on Hyperliquid, contrasting with Binance's price.
USDC
Fact Check
The statement is strongly corroborated by multiple independent crypto news sources (ChainCatcher, Blockchain.news, OKX, The Defiant, Coinbay, Ainvest, Bitget) and a reputable on-chain analysis account (Lookonchain). These sources consistently report that 'whale' wallets manipulated the price of XPL on the Hyperliquid platform, resulting in profits of approximately $38 million within a very short timeframe. While two provided sources are irrelevant, the overwhelming weight and credibility of the remaining evidence confirm the statement's claims.
Summary
A large holder has initiated price manipulation on Hyperliquid by creating four wallets and depositing 10 million USDC to long XPL. This caused the price to rise to $1.013, significantly higher than Binance's price of $0.79. This follows a previous surge on August 27, when a whale earned $16 million in one minute by clearing the order book.
Terms & Concepts
- Whale Wallet: A cryptocurrency wallet controlled by a large entity or individual, capable of influencing the market through significant transactions.
- Long Position: A trading strategy where an investor buys an asset expecting its price to rise, profiting from the increase.