Whale transfers $18.3M to Hyperliquid, purchasing 428,867 HYPE tokens at $28.5 each.
Despite market challenges, HYPE has recorded a 7.17% increase in the past 24 hours.
HYPE trades at $28.35, up 6.00% over the last week, showing bullish momentum after a dip.
Blockchain analytics platform Spot On Chain revealed on Tuesday in an X post that a whale has taken significant market action. The whale registered a new wallet and moved $18.3 million to Hyperliquid (HYPE). The funds were then used to buy 428,867 HYPE tokens. This $12.22 million transaction has raised many eyebrows within the crypto space.
Big $HYPE purchases detected!
A whale created a new wallet 26 hours ago and has since bridged 18.3M $USDC to #Hyperliquid to buy $HYPE.
So far, the whale has spent 12.22M $USDC to buy 428,867 $HYPE at an average price of $28.5.
Follow @spotonchain and check out this whale’s… pic.twitter.com/T9694emY7b
— Spot On Chain (@spotonchain) December 24, 2024
HYPE Maintains Bullish Momentum
The transaction occurs in the backdrop of considerable price fluctuations in Hyperliquid’s token. HYPE was introduced in November this year, and it was not long before it encountered some volatility. However, the cryptocurrency market has been bearish in the recent past. Still, HYPE has recorded a 7.17% increase within the last day, showing that it is a strong cryptocurrency in the market.
As of press time, HYPE is trading at $28.35, and over the past week, the token has been on the rise and gained 6.00%, which shows that the growth is steady. Today, HYPE was trading as low as $25.35, a common occurrence in the market. However, the price quickly recovered due to the bullish pressure that followed, sending the token soaring. This quick bounce back also shows that the token is stable and can bounce back even in the midst of a fluctuating market.
Whale’s Impact on HYPE Price
The whale’s recent purchase is one of the largest transactions recorded on HYPE. The token also remains stable, indicating that it may continue to hold its current position. This suggests it could maintain some of the bullish pressure it gained since its recent launch. The whale’s actions are a major step within the token’s early market performance framework.
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The whale’s identity is still unknown. However, the buying volume indicates that the investor is intentionally trying to build a significant position in HYPE. Given the cryptocurrency market and the whale’s behavior, every subsequent step will be watched with interest. This transaction may affect HYPE’s future price and trading volume in one way or another.
The post Whale Moves $18.3M to HYPE: What’s Next for the Token? appeared first on CryptoTale.