The unprecedented XPL XPL token on plasma token on decentralized exchange hyperliquid has experienced one of its most volatile negotiation episodes to date, with more than $ 160 million in open interest destroyed in less than 10 minutes.
More than 80% of the current positions have been liquidated, collapsing from the open interests of $ 160 million to only $ 30 million while eliminating the entire sale of the order book.
A merchant wrote how they tried to “cover their XPL position with a lever effect 1x”, only for the price to be “manipulated” resulting in a loss of $ 1.4 million.
The price of XPL increased up to $ 1.80, increasing by more than 200% in two minutes to stimulate a series of massive liquidations.
A merchant would have triggered carnage by making long tens of millions of dollars in XPL, effectively emptying the order book and forcing an automatic deficiency cascade.
The portfolio brought in 16 million profits in the minute following the position of the position, while maintaining a long exposure of more than 15 million XPL with a value of $ 10 million.
Another merchant, known on X as techno_revenant, ended a long $ 20 million via the automatic deduction and brought in nearly $ 25 million in winnings. Others were less lucky: “1x lever, the account destroyed, hiding only 50% XPL allowance,” wrote X User Stivedruid.
Chaos comes a few days before the official launch of the XPL plasma token. Plasma, a blockchain focused on stablescoin, supported by the founders, Framework Ventures and Bitfinex, recently carried out a USDT yield program of $ 250 million on Binance in less than an hour.
