According to monitoring by Lookonchain, a whale has been consistently buying up HYPE tokens. A newly created wallet address (0x643...0103) once again withdrew 140,960 HYPE from an exchange, worth approximately $9.48 million at current prices. Over the past three days, this wallet has accumulated 902,317 HYPE across multiple withdrawals, totaling around $64.9 million.
Another major withdrawal occurred on a separate new wallet (0xc0f...ba47), which pulled 170,000 HYPE from Coinbase about 8 hours ago, valued at roughly $10.87 million. Combined, the two wallets have accumulated over $75 million worth of HYPE tokens in a short timeframe.
HYPE is the native token of Hyperliquid, a decentralized derivatives trading platform, and is used for governance, trading fee discounts, and staking. The recent rapid growth of the Hyperliquid ecosystem has drawn significant user and capital inflows.