The HYPE is real. Hyperliquid’s native HYPE token went past $41 on June 10, riding a wave of aggressive whale accumulation and bullish market sentiment, coming well past its previous all-time high registered in May.
At the heart of the action is a $9.976 million investment in the crypto asset by a prominent whale, flagged by blockchain analytics platform Spot on Chain.
The purchase, made up of 259,367 HYPE at an average price of $38.46, is viewed by some as a show of renewed confidence in the decentralized derivatives exchange and its in-house token. According to Spot on Chain, this particular deep-pocketed investor has now realized over $10 million in profits from trading HYPE, highlighting its lucrative recent performance.
Other whales are also piling in. In the last 24 hours, wallets tagged as “0xd83” and “0x9E8” have collectively scooped up over 99,000 HYPE, with one pending order for 57,000 tokens at $24.95 by address “0xab6” suggesting that even lower bids remain active.
This frenzy comes amid expanding ecosystem support, after blockchain-based wealth management firm SwissBorg announced earlier in the month the integration of HYPE and PURR tokens into its Meta-Exchange. The platform’s user-friendly approach could significantly boost HYPE’s accessibility and liquidity with offers for seamless swaps from 16 fiat currencies and on-chain staking enabled.
Interestingly, this bullish behavior has persisted despite a May 24 security scare where HyperFND, a Hyperliquid-affiliated X account, was compromised. However, as the team clarified, the core blockchain remained untouched, and instead of panic, investors doubled down. The token rebounded quickly, charting new highs just days after the incident.
From a price action standpoint, HYPE has gained just over 15% in the last 24 hours, moving from slightly under $35 to its current level of well over $40, according to CoinGecko data.
Across seven days, the token has climbed 11%, easily outpacing the broader crypto market, which is up only 3% in the same period. Additionally, it has gained 65% in the past month to command a market cap of over $13.6 billion, placing it as the 13th largest cryptocurrency in the market.
The momentum can be traced back to a series of bullish catalysts. In late May, Hyperliquid surpassed $9.37 billion in open interest, signaling intense derivatives activity. Furthermore, the platform made regulatory inroads, with the team submitting comments to the U.S. Commodity Futures Trading Commission (CFTC) advocating for clear DeFi frameworks.
The post Hyperliquid’s HYPE Surges to New ATH as Whales Continue to Accumulate appeared first on CryptoPotato.
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