A crypto whale has caused excitement in the market by accumulating enormous amounts of Hyperliquid (HYPE) and Purr (PURR). On December 17, the savvy investor deposited funds into the Hyperliquid trading platform and bought the tokens. Lookonchain spotted the transaction.
The trader deposited $9.66 million in USDC into Hyperliquid and then purchased 166,913 HYPE tokens (worth $4.8 million) and 6.48 million PURR (worth $4.14 million).
Amid the ongoing bullish wave, whales and institutional investors are pumping funds into exchanges and buying alternative cryptocurrencies. Based on data, whales now prefer to accumulate assets to make short-term profits.
HYPE and PURR soar to new heights
The purchase signals that whales are loading money into Hyperliquid to buy HYPE and PURR tokens, reflecting significant investor interest.
Hyperliquid, a decentralized perpetual trading platform, has witnessed higher trading activity since rolling out its native token, HYPE, late last month. Over $1 billion in USDC has moved into the platform since the launch of the token on November 29. This great achievement indicates the rising interest in the layer 1 chain’s potential.
Currently, more than $2.1 billion in USDC deposits are locked in Hyperliquid’s bridge. This happens amid a massive increase in trading activity and investment in native tokens HYPE and meme coin PURR within the ecosystem.
Hyperliquid’s commitment to a community-driven approach is one of the factors that have led the platform to experience expanded trading activity. The platform focuses on long-term community engagement using strategies like airdrop and other community involvements etc.
As a result, Hyperliquid’s native token, HYPE, has witnessed a tremendous increase of 774.73% to $28.13 from $4 in a month, fueled by community enthusiasm. Part of this surge is attributed to the airdrop event in which Hyperliquid rewarded its community with over $300 million HYPE tokens to qualified members on November 29.
HYPE is currently trading at 28.34, up 12.9% in the last 24 hours. Meanwhile, PURR is also performing well. Its trading volume surged 39.50% to $56.06 million in the past 24 hours, signaling a recent increase in market activity. Its value surged 191.30% in the last seven days, meaning the token is outperforming the global digital asset market which is up 8.40% currently.
Hyperliquid outperforms competitors
Attracting $1 billion in USDC net inflow in three weeks makes Hyperliquid one of the biggest decentralized perpetual trading platforms in terms of trading volume and TVL.
Hyperliquid’s TVL has skyrocketed by over 1000% within a month. According to the latest DefiLlama data, Hyperliquid’s current total value locked stands at $2.89 billion. This ranks it as the second largest decentralized exchange (DEX), following Uniswap’s TVL of $6.82 billion.
The tremendous increase in Hyperliquid’s transaction volume can be accredited to various factors. These include the recent token airdrop campaign, rising user interest in its platform, and increasing trading activity on native tokens, HYPE and PURR.
Hyperliquid functions as a decentralized platform where people can leverage cryptocurrencies and trade perpetual derivatives, enabling them to multiply their buying power. The platform collects liquidity from numerous sources and serves as a layer 1 application chain, allowing trading of native tokens like HYPE and PURR.
