On December 19, trading volume on @HyperliquidX experienced a massive surge of 539%, reaching $11.5 billion following the release of $HYPE.
However, the momentum quickly slowed down as rumors of a potential platform hack spread.
In the wake of the launch, significant whale activity was observed on the platform.
A new wallet was created just 26 hours ago, and since then, the whale has moved a staggering 18.3 million $USDC to Hyperliquid to purchase $HYPE tokens. To date, the whale has spent 12.22 million $USDC to acquire 428,867 $HYPE, averaging $28.5 per token.
Big $HYPE purchases detected!
A whale created a new wallet 26 hours ago and has since bridged 18.3M $USDC to #Hyperliquid to buy $HYPE.
So far, the whale has spent 12.22M $USDC to buy 428,867 $HYPE at an average price of $28.5.
Follow @spotonchain and check out this whale’s… pic.twitter.com/T9694emY7b
— Spot On Chain (@spotonchain) December 24, 2024
Additionally, the assistance fund has been active, purchasing 47,115 $HYPE, worth about $1.31 million, over the last 24 hours, at an average price of $27.94. These buybacks are funded by the trading fees collected on the platform.
Despite the uptick in purchases, Hyperliquid saw a slight dip in its 24-hour perpetual volume, which hit approximately $5.2 billion. This is a bit lower than the average of $6.5 billion seen over the past two weeks. If the platform maintains a daily trading volume of around $5 billion, the buybacks could amount to roughly $480 million annually, representing about 5% of the total circulating supply of $HYPE at the current price.
The fluctuations in trading volume and the whale’s purchases highlight the high level of interest in $HYPE, though concerns around security continue to influence the market’s stability.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: kebox/123RF // Image Effects by Colorcinch
