Selected News

1. Hyperliquid's XPL rises again, reaching $1

2. HYPE's 24-hour increase reaches 11.77%, with the price continuing to set new historical highs

3. Metaplanet plans to raise $881 million to increase Bitcoin holdings in September and October

4. SOL breaks $200, with a 24-hour increase of 4.81%

5. Upbit's trading volume continues to decline: ETH, XRP, and BTC rank in the top three by trading volume

Trending Topics

Source: Overheard on CT (tg: @overheardonct), Kaito

[HYPERLIQUID]

Today's discussions around Hyperliquid mainly focus on a large-scale trading event allegedly involving Sun Yuchen. Reports indicate that he profited $16 million in one minute by manipulating the $XPL market on Hyperliquid, leading to massive liquidations. This incident has sparked intense debates about market manipulation and platform fairness. Meanwhile, Hyperliquid's trading volume has surpassed Robinhood and is expected to capture a significant share of blockchain revenue, making it a hot topic. The launch of new financial products and collaborations, such as BitGo custody and dnTokens, further highlights Hyperliquid's influence in the crypto space.

[0G]

Today's discussions about 0G mainly center on 0G Labs landing on KaitoAI Earn and the announcement of the Kaito reward program. This program aims to reward long-term community members and attract new participants, with 85% of rewards allocated to active community members over the past six months and 15% to the first 888 participants from August 26 to September 5. The community is generally excited about 0G's potential in the decentralized AI field, with many expressing optimism about its future development and collaborations.

[CRO]

Today, CRO has become the project with the largest increase in cryptocurrency discussions, due to a major announcement from the Trump Media Group. The group is collaborating with Crypto.com and Yorkville to launch a CRO treasury worth $6.42 billion, making it the largest holder of CRO globally. This strategic move incorporates CRO as the platform token for Truth Social, significantly enhancing its market position. Following the announcement, CRO's price surged rapidly, and social media buzz skyrocketed, with many viewing it as a positive signal.

Selected Articles

1. Lighter's ETH and HL's XPL both spike; how to avoid liquidation due to manipulation by large holders?

The same token can have different depths on different trading platforms, different candlestick patterns, and different liquidation mechanisms, leading to completely different outcomes for positions. Today's examples of two perp dexes serve as a good lesson: at the same time, while Binance's pre-market contract quotes did not show equivalent fluctuations, the price of XPL on Hyperliquid was pulled up to nearly +200% in about 5 minutes; and the price of ETH on Lighter spiked to $5,100.

2. XPL surges nearly 200% in five minutes; who directed this extreme market on Hyperliquid?

According to Hyperliquid market data, the price of XPL began to surge rapidly at 5:50 AM Beijing time on August 27, skyrocketing from around $0.6 to a peak of $1.8, with an increase approaching 200% in just a few minutes. However, this frenzy did not last long—the price fell back shortly after reaching its peak and is currently fluctuating around $0.061. Notably, at the same time, centralized exchanges like Binance and Bitget, which launched XPL pre-market contracts, did not show significant price fluctuations for XPL. This discrepancy has raised community concerns about price manipulation.

On-chain Data

On-chain capital flow situation on August 27

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