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Whale spent 5 million USD to accumulate HYPE tokens on Hyperliquid
Two whales just invested a total of 5 million USD into the HYPE token of the decentralized derive exchange Hyperliquid. Address 0x005a bought 110.824 HYPE at a price of 36 USD with 3.99 million USDC, while opening a 4x go long position. Meanwhile, address 0x75AE bought 27.773 $HYPE with 1.01 million USDC at a price of 36.5 USD and staked it.
HYPE Token uses a deflationary model, with 26% of the supply burned each year, helping to increase scarcity. This could be the reason why whales are making large bets, anticipating that the price will rise due to the platform's features such as deep liquidity and automatic risk management.
Notably, whale activities on Hyperliquid often cause strong fluctuations, such as the case of realizing a profit of 26 million USD from a short position reported by OneSafe recently. Large leveraged positions like that of 0x005a can create strong price volatility and affect retail investors.