PANews reported on April 3 that, according to HyperInsight monitoring, the price of XPL token fluctuated wildly this morning. From 1:00 AM to 5:00 AM, XPL surged by 42%, reaching a high of $0.167; however, starting at 5:10 AM, the price plummeted by over 40% in less than 5 minutes, falling below $0.12 and erasing all of its intraday gains.

Before the price surge, five new addresses on Hyperliquid simultaneously deposited funds at 1:00 AM, each exceeding $200,000, totaling approximately $1.292 million. These funds were then heavily leveraged to open long positions in XPL, seemingly in coordination with other platforms to simultaneously buy spot and drive up the price. During this period, all five addresses reaped substantial profits, more than doubling their initial investment.

Between 4:30 and 4:40 AM, the five addresses withdrew all their released margin and floating profits, causing the liquidation price to rise sharply, nearing liquidation. At 5:10 AM, the five addresses were simultaneously liquidated at an XPL price of approximately $0.12971, causing the price to plummet, seemingly in tandem with a sell-off in the spot market. The five addresses collectively profited approximately $1.602 million.

During the rally, several short-selling whales were targeted and their short positions (0xbe1), (0x51f), "Main Short Positions in WTI and Brent Crude Oil" (0x985), and (0x45d) were all liquidated during the rise, with a total of over US$32.99 million in short positions closed.