Tracking whale activity in XPL involves monitoring specific high-conviction wallets that frequently interact with the Plasma Network and Hyperliquid. As of early 2026, over 81% of the total XPL supply is concentrated within the top 10 addresses.
Top Identified XPL Whale Wallets
While many of these wallets are anonymous or managed by institutions, several key addresses have been linked to significant market movements:
1. 0xd80da...cfde70be: An aggressive accumulation wallet that has deposited over $30 million USDC into Hyperliquid specifically to scoop up roughly 23.8 million XPL.
2. 0x152... (Monitoring Label: HyperInsight): Known as one of the largest long-position holders on Hyperliquid. It famously opened a massive long at $0.692 and was recently tracked reducing its position at $1.307 for an unrealized profit of $7.84 million.
3. 0x020ca...498a35872 (Machi Big Brother): Identified as the main wallet for Huang Licheng. He is a dominant force in the ecosystem, though he recently faced significant pressure with unrealized losses near $9 million as XPL price volatility tested his liquidation thresholds.
4. 0xb317...ae: A multi-asset whale on Hyperliquid that often holds correlated positions in ETH and XPL, recently managing positions worth hundreds of millions.
Supply Concentration and Distribution
1. Total Supply: 10 Billion XPL.
2. Circulating Supply: ~1.8 Billion XPL.
3. Top 10 Concentration: These wallets control the vast majority of the liquid supply, which contributes to the token's high volatility and the potential for "liquidation cascades" during large sell-offs.
