XPL Tokens Rebound to $0.69, Trading at a Premium on Hyperliquid

XPL Market Activity on Hyperliquid

• Whale Influence: The recent price movements of Plasma (XPL) on Hyperliquid have been significantly influenced by a single whale, known as Techno Revenant, rather than by TRON's Justin Sun. The market is experiencing a price premium of 20% to 30%.
• Long Positions: Techno Revenant has opened multiple long positions with a total estimated notional value of $31.1 million and has an additional $26.5 million in USDC deposited on the platform, which remains unused.

Trading Dynamics

• Risk of Shorting: The presence of a large whale with substantial long positions makes shorting XPL risky, potentially leading to liquidations.
• Gradual Accumulation: Techno Revenant has been gradually building positions without using leverage, with one position showing an unrealized profit of $1.4 million. The trader's strategy involves a slow accumulation to avoid rapid price fluctuations.

Trader's Admission and Market Impact

• Mistaken Orders: Techno Revenant acknowledged that aggressive longing of XPL was not intended to manipulate the market. A significant error occurred when an order was mistakenly placed at 444,444 USDC instead of 44,444 USDC, attributed to fatigue.
• Liquidation Consequences: The trader's actions led to $159 million in liquidations for XPL positions within hours, while he managed to secure $38 million in profits despite the chaotic trading environment.

Market Expansion and Current Status

• Increased Whale Participation: Following the recent trading activity, the number of large-scale positions in XPL has risen from nine to 17 within a day, indicating growing interest from other whales.
• Current Price and Risks: XPL is currently priced at $0.69, with only four whale positions being short, the largest of which is facing unrealized losses of $1.92 million. The market remains volatile, posing risks for further short liquidations.