Trader significantly increases holdings of XPL tokens through extensive long bets on Hyperliquid platform.
In a recent development, Techno Revenant, a prominent whale trader on the Hyperliquid platform, has made waves in the XPL market. Techno Revenant opened several long positions on XPL tokens worth approximately $31.1 million, with significant USDC deposits to support these positions.
Despite his erratic actions and a partial understanding of Hyperliquid's mechanics, Techno Revenant has managed to lock in a total of $38 million. His influence was evident in August 2025 when a fat-finger error caused a 200% price surge and major market liquidations, highlighting his substantial impact on the XPL market.
The XPL tokens are currently trading at $0.69, with a premium on Hyperliquid. This boom in the XPL market can be attributed to the actions of Techno Revenant, who admitted to an honest mistake in his handling of XPL tokens. His error involved an order with a higher than intended amount of 444,444 USDC.
The trader's actions led to $159 million in liquidations for XPL positions within hours. Interestingly, Techno Revenant's mistake expanded the market for XPL and invited more whales, with a total of 17 large-scale positions held in the past day.
Techno Revenant's leading position on Hyperliquid currently has an unrealized profit of $1.4 million. However, the risk for short liquidations remains, as XPL settled at $0.69. Currently, only four of the whale positions on XPL are short, with the largest one carrying $1.92 million in unrealized losses.
It's worth noting that Techno Revenant is among the biggest HYPE holders. Contrary to reports, Justin Sun was not involved in XPL's price moves. The presence of more whales in the XPL market does not account for smaller wallets with a more cautious or distributed approach.
Pre-launch markets remain unreliable, making it challenging to predict the future of XPL. Techno Revenant admitted that he wanted to accumulate XPL before the token launch and used Hyperliquid since there was no official presale. The presence of a large-scale whale on Hyperliquid makes shorting XPL extremely risky.
Techno Revenant has $26.5 million USDC deposited on the Hyperliquid platform, but not all of it is being utilized. Despite his influence and wealth, Techno Revenant's actions serve as a reminder of the potential risks and rewards in the volatile world of cryptocurrency trading.
