Decentralized Exchange Hyplid is examined after a sharp rally in his hype token coincided with whale-driven manipulation claims on his platform.
On August 27, Analysis company Spotonchain reported That a cluster of large portfolios pushed the price of XPL by 200% to $ 1.80 before it quickly pulled. The sudden movement conveyed millions between traders.
According to the company, the most important orchestrator of the manipulation won more than $ 15 million, while three others made a profit, ranging from $ 9 million to $ 13 million. Wallets, on the other hand, caught more than $ 6.5 million combined on the wrong side of the Swing.
Another blockchain platform, Lookonchain, reported that the frenzy forced those whales to shorten XPL to inject liquidity to protect their positions. It noted that one trader has deposited $ 44 million USDC, while another $ 29 million has moved to the protocol to avert the liquidation.
Hype’s new ATH
Despite the controversy, Hyperliquid’s hype -token to a record of $ 51.05 on 27 August, an increase of 10% in 24 hours, according to CryptoSlate facts.
The milestone surpassed the previous July of the active $ 48.55. The prices have since been corrected to around $ 48.8, although token still showed a daily profit of 7.5% during the press.
The momentum reflects a broader growth in the Hyperliquid trading platform.
Defillama -data revealed that in July Hyperliquid $ 330.8 billion in combined location and eternal volume processed, which surpassed Robinhood’s $ 237.8 billion over all activa classes. The gap represented a 39% lead for Hyperliquid, which marked the third consecutive month that the American trade giant surpassed.
Observers in the industry suggest that the growth process could continue for the decentralized trading platform.
Blockworks -Researcher Carlos noted That hyperliquid generated almost $ 100 million in income in the last 30 days and surpasses various established Layer 1 networks.
According to him, the spot volumes of Hyperliquid for Bitcoin, ETH and Solana correspond to those of Bitstamp and Kraken this month.
At the same time, the activities of the derivatives rose to almost 14% of Binance Futuresmarkt, a jump of only 2% a year earlier.
In view of this, he stated that “Hyperliquid will continue to remove the market share from CEXS.”