In the early hours of today, Hyperliquid staged a classic scene from the dark forest of cryptocurrency, with the protagonist being the XPL token. Several whale addresses are suspected of teaming up, first quietly setting up long positions, and then suddenly launching an attack in the early hours, violently pushing the price up to $1.80 with large funds.

This operation directly wiped out all short positions, especially those who were hedging with 1x leverage, who were completely washed out. According to on-chain analysis, this group worked in coordination, making profits as high as $46.1 million in just one hour, truly like a money printer.

This incident reminds us again that playing leverage on perpetual contracts of illiquid small tokens is akin to sticking your head into a crocodile's mouth. The scythes of these whales are quick and sharp; ordinary players should observe more and act less, and not easily become the fuel for others' violent price pulls.