Besides XPL, Hyperliquid whale are suspected of still attempting to apply a short squeeze strategy to WLFI, but this hasn't resulted in significant cascading liquidations. The price of the Hyperliquid WLFI contract spiked to 0.43 between 6:25 and 6:30 UTC+8 before quickly falling back. Binance saw no significant fluctuations during the same period. Both XPL and WLFI are assets with uncirculated tokens and relatively clear launch dates, leading to a significant number of users hedging their short positions using pre-market perpetual swaps.
