Hyperliquid, a key player in the digital asset market, has experienced a noticeable upswing in its price movement, according to the data provided by Spot On Chain, a leading on-chain analytics provider. The $HYPE token, as it is known, has clawed its way back to the 20th position among the largest assets, a development that has triggered a significant increase in whale activity.
This considerable achievement was unveiled in a recent social media post by Spot On Chain. The data reveals that major investors, or ‘whales’, have been actively accumulating $HYPE as it reclaims its spot in the top 20 largest tokens by market capitalization, overtaking $PEPE.
Among the leading whales, “0x007” was reported to have bridged and invested a massive 3.96M $USDC to purchase 151,277 $HYPE tokens at approximately $26.19 each, just 9 hours ago. This is a clear demonstration of the whale’s confidence in the future prospects of $HYPE and its potential for upward price movement.
Another prominent whale, “0x721”, was not far behind, investing an impressive amount of approximately 2.6M $USDC to acquire 99,546 $HYPE tokens at an average price of around $26.14 some 11 hours ago. The account now holds a total of 107,198 $HYPE tokens, valued at nearly $2.76M. Significantly, this whale has accrued an all-time profit of up to $3.33M on Hyperliquid, showcasing its strategic trading acumen and precise market timing.
Additionally, the whale “0x602” bridged roughly 2M $USDC, using $911,000 of this to purchase 37,017 $HYPE tokens at an average price of about $24.60.
Spot On Chain’s data underscores the potential for stable market growth for Hyperliquid. The token’s resurgence to the 20th spot among the largest crypto assets has attracted substantial attention from whale investors. These substantial $HYPE acquisitions by the whales are seen as major contributors to Hyperliquid’s overall market trajectory.
The increasing accumulation of $HYPE among these investors indicates that Hyperliquid is poised to experience a surge in activity and price stability. This suggests that the $HYPE token is not merely riding a wave of transient popularity but is building a solid foundation for consistent growth.
In conclusion, the resurgence of Hyperliquid in the market rankings, combined with the increased interest from major investors, paints a promising picture for this digital asset. The data from Spot On Chain attests to the fact that Hyperliquid is not only regaining lost ground but is also laying the groundwork for a robust upward trajectory.
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