According to the firm, the main orchestrator of the manipulation gained more than $15 million, while three others booked profits ranging from $9 million to $13 million. By contrast, wallets caught on the wrong side of the swing lost over $6.5 million combined.
Another blockchain platform, Lookonchain, reported that the frenzy forced whales shorting XPL to inject liquidity to protect their positions. It noted that one trader deposited $44 million USDC, while another moved $29 million USDC into the protocol to stave off liquidation.
Despite the controversy, Hyperliquid’s HYPE token climbed to a record $51.05 on Aug. 27, a 10% increase in 24 hours, according to CryptoSlate data.
The milestone surpassed the asset’s previous July high of $48.55. Prices have since corrected to around $48.8, though the token still showed a 7.5% daily gain at press time.
The momentum reflects broader growth across Hyperliquid’s trading platform.
Industry observers suggest the growth trajectory could continue for the decentralized trading platform.
At the same time, its derivatives activity rose to nearly 14% of Binance’s futures market, a jump from just 2% a year earlier.
Considering this, he posited that “Hyperliquid will continue to take market share away from CEXs.”
