Amid the ongoing heightened volatility in the wider digital asset market, Hyperliquid (HYPE) seems to be drawing attention from large investors. Today, according to data from Lookonchain, crypto whales are buying Hyperliquid tokens in big numbers.
Whales buy 447,396 HYPE tokens
Today, February 25, crypto analyst Lookonchain reported on X that whales have bought a total of 447,396 HYPE tokens over the past 24 hours.
As per data, a whale with address 0x8AD6…f23D deposited $2.07 million USDC to Hyperliquid and bought 109,989 HYPE tokens in the past 24 hours.
Also, 15 hours ago, another whale with address 0x9f70…DB0D deposited $5 million USDC to Hyperliquid and purchased 265,675 HYPE tokens.
Lastly, 8 hours ago, another whale with address 0x48F1…359c deposited $1.35 million USDC to Hyperliquid and bought 71,732 HYPE.
Despite such huge purchases by whales, the asset’s price has not recorded any gains, currently trading at $18.82, down 17.9% over the past 24 hours. However, during the same period, HYPE registered a rise of 134.10% in trading volume, signaling increased participation from traders and investors.
This market activity shows that whales have a renewed accumulation of HYPE during this downtrend. In the past 24 hours alone, big crypto holders have acquired 447,396 HYPE tokens (worth $8.42 million). This suggests confidence in the token’s potential rebound and long-term value. This notable acquisition shows strong whale interest, even as the wider market conditions remain volatile. Hyperliquid remains strong at current levels, showcasing its ability to attract whales’ attention, especially during this time when the prices of most crypto assets are down.
Hyperliquid price updates
HYPE has been in a consolidation mood over the past 30 days. The current formation of a horizontal channel pattern on its 4-hour timeframe shows that the asset is in a sideways trend.
Its price is currently standing at $18.82, down 23.0% over the past month. Despite the price decline, the altcoin has experienced a significant increase in trading volume (as highlighted above). This surge suggests expanded market activity, partly driven by traders seeking to acquire more HYPE.
Hyperliquid is showing persistence as it holds strong above the $17.73 crucial support zone, despite a significant fall from its previous highs. This zone has become a crucial demand zone for the asset, acting as a cornerstone for potential recovery and uptrend. Such huge accumulation by whales could be an indicator of major price actions ahead, as big investors position themselves for a potential breakout from the current downward momentum.
