Bitcoin 
Ethereum 
Tether 
BNB 
XRP 
USDC 
Lido Staked Ether 
TRON 
Dogecoin 
Cardano 
Wrapped stETH 
Wrapped Bitcoin 
Figure Heloc 
Wrapped Beacon ETH 
Hyperliquid 
Chainlink 
Bitcoin Cash 
Wrapped eETH 
Ethena USDe 
Stellar 
USDS 
Binance Bridged USDT (BNB Smart Chain) 
LEO Token 
WETH 
Hedera 
Sui 
Avalanche 
Coinbase Wrapped BTC 
Litecoin 
USDT0 
Monero 
WhiteBIT Coin 
Shiba Inu 
Toncoin 
Zcash 
Cronos 
Ethena Staked USDe 
Dai 
Mantle 
MemeCore 
Polkadot 
Bittensor 
World Liberty Financial 
sUSDS 
Uniswap 
Aave 
Bitget Token 
OKB 
USD1 
BlackRock USD Institutional Digital Liquidity Fund 
Decentralized exchange Hyperliquid is under scrutiny after a sharp rally in its HYPE token coincided with whale-driven manipulation claims on its platform.
On Aug. 27, analytics firm SpotOnChain reported that a cluster of large wallets pushed XPL’s price up by 200% to $1.80 before it quickly retraced. The sudden move transferred millions between traders.
According to the firm, the main orchestrator of the manipulation gained more than $15 million, while three others booked profits ranging from $9 million to $13 million. By contrast, wallets caught on the wrong side of the swing lost over $6.5 million combined.
Another blockchain platform, Lookonchain, reported that the frenzy forced whales shorting XPL to inject liquidity to protect their positions. It noted that one trader deposited $44 million USDC, while another moved $29 million USDC into the protocol to stave off liquidation.
HYPE’s new ATH
Despite the controversy, Hyperliquid’s HYPE token climbed to a record $51.05 on Aug. 27, a 10% increase in 24 hours, according to CryptoSlate data.
The milestone surpassed the asset’s previous July high of $48.55. Prices have since corrected to around $48.8, though the token still showed a 7.5% daily gain at press time.
The momentum reflects broader growth across Hyperliquid’s trading platform.
DefiLlama data revealed that in July, Hyperliquid processed $330.8 billion in combined spot and perpetual volume, surpassing Robinhood’s $237.8 billion across all asset classes. The gap represented a 39% lead for Hyperliquid, marking the third straight month it outpaced the US trading giant.
Industry observers suggest the growth trajectory could continue for the decentralized trading platform.
Blockworks researcher Carlos noted that Hyperliquid generated nearly $100 million in revenue over the past 30 days, outpacing several established Layer 1 networks.
According to him, Hyperliquid’s spot volumes for Bitcoin, ETH, and Solana matched or exceeded those of Bitstamp and Kraken this month.
At the same time, its derivatives activity rose to nearly 14% of Binance’s futures market, a jump from just 2% a year earlier.
Considering this, he posited that “Hyperliquid will continue to take market share away from CEXs.”
