On August 27, 2025,
$XPL witnessed a major event on Hyperliquid:
Around 05:35 in the morning, a whale (suspected to be associated with Justin Sun)
crashed into $16 million USDC, opening a massive long position.
Within 2 minutes, sell orders were completely wiped out, with the price surging from $0.60 to $1.80 (+200%!)
triggering a chain reaction of short liquidations across the network.
Total liquidations exceeded $16 million to tens of millions.
The largest single liquidation was $7M.
The whale quickly closed positions at a high, cashing out,
a single person made a profit of $15-16M, while multiple whales collectively made over $38-47M in profits.
Afterward, the price crashed back to around $0.60.
Hyperliquid's trading fees skyrocketed, but retail players suffered massive losses.
This illustrates the brutal reality of low liquidity perps + high leverage:
a single wave can wipe out all the shorts.
That day, @Plasma became one of the craziest “ATM” events in DeFi history.
