Recently, whales have been on a buying streak on HYPE, and this streak has caused the token’s price to hit a new all-time high. Hyperliquid, the parent platform to the HYPE, was created in 2022, and the native token was listed after a 2024 airdrop. When the token was first released, it had a price of $3.90, giving its entire supply a value of $1.2 billion. As of today, the price has quadrupled in growth due to continued interest from whales.
Within the last few hours, different whales opened buy positions for HYPE, causing the price to hit a new all-time high. Although at the time of writing, the price has fallen a little under the new all-time high it created, the token has seen an influx of big investors.
According to details shared, within the last 20 hours, different wallets linked to major whales have collected more than $24 million in tokens. Lookonchain revealed that qianbaidu.eth purchased about 260,900 HYPE, which was worth $13M (when it was recorded), through two wallets.
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Source: Lookonchain
At the same time, wallet 0xe0f0 opened a long position of 136,906 HYPE valued at $6.9M. Two more wallets labelled as 0x328B and 0x23fA also added $2.13M and $2M, with the latter staking soon after. After this move on-chain, it was recorded by CoinGecko that HYPE climbed to over $51, which represented a 7% daily rise and 13% weekly gain, with $360M in trading volume.
Traders have continued to watch the price momentum and movement to see if there would be any significant move in price and maybe a clear break to the upside within the next few days. So far, there has been a record of growing volume, positive chart setups, and excitement around the upcoming $USDH stablecoin.
Also, an X analyst, Kamran Asghar, shared a chart that highlighted a trend line that has guided the HYPE price upward movement since early August, with three successful retests that have led to sharp rebounds and also steady buying at lower points.
Source: Karman_1s
Currently, the price is pressing against $52, a barrier that the price has rejected several times recently. Asghar also noted that a break above this mark could open a move toward $54–$56, with the trend line continuing to provide support.
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