A move by a newly created wallet to invest in Hyperliquid (HYPE) is attracting crypto market attention, according to a revelation disclosed today by market analyst Lookonchain. The newly created wallet today withdrew $45 million USDC from Binance and deposited the funds into Hyperliquid’s decentralized perpetual exchange to purchase HYPE tokens.
As per the analyst’s data, the wallet has so far bought 289,120 HYPE tokens worth $9.77 million, and is set to continue to purchase more tokens. Based on the data, the token acquisition is well-timed in a manner that showcases that this large investor has huge plans for the Hyperliquid asset, an indicator of stronger enthusiasm for HYPE.
Whale Accumulation Strategy
The whale’s action to engage in such buying activity appears to have been fueled by HYPE’s impressive price movements. Today, the wider crypto market showed a slight rebound as prices of major tokens, including Bitcoin and Ethereum, experienced 1.81% and 3.64% increases, making their prices currently trade at $89,424 and $3,014, respectively. However, Hyperliquid’s price move makes it one of the top gainers today. HYPE recorded a 20.6% price rise registered over the past 24 hours, accompanied by a substantial spike in trading volume, currently making its price stand at $34.47. Also, the token’s price has been up 57.0%, 29.7%, and 41.6% over the past week, month, and year, respectively, making it one of the most profitable assets on the crypto market currently.
Some of the major drivers of the latest HYPE’s remarkable price surge include a recent massive increase in on-chain trading demand, particularly surrounding Hyperliquid’s HIP-3 (a decentralized community perpetual contracts trading platform).
Secondly, on-chain metrics show that Hyperliquid has silently become the most liquid gateway in the decentralized perpetual trading sector, with its order book depth liquidity significantly higher than its major rivals, such as Aster, Lighter, and others.
Lastly, the surged HYPE price indicates whale accumulations, as big investors are withdrawing tokens off-exchanges, draining supply circulation and helping prices to reclaim higher grounds. Whales are targeting the Hyperliquid token due to the potential growth capability associated with this cryptocurrency. The token price pump noted today and recent weeks shows that multiple investors have embraced increasing confidence in HYPE and are significantly accumulating the tokens.
The current price pf Hyperliquid is $34.47.
Increased Trading on Hyperliquid Linked to Gold and Silver
The surge in user interest in the HYPE token is not just an occasional event. It happens because of an apparent intent by investors to rotate funds into real-world assets and commodities trading on Hyperliquid’s HIP-3 (a decentralized community perpetual contracts trading platform. Trading activity on the platform climbed to a new high today as multiple traders channel capital into commodity-related markets such as Gold and Silver, reflecting a shift among investors who increasingly embrace RWA exposure on-chain.
According to data from Coinalyze, open interest on the Hyperliquid’s HIP-3 platform reached a new all-time high of $956.4 million today, an 20.01% increase over the past 24 hours and a drastic rise from $260 million noted a month ago. The spike happens as the prices of Gold and Silver soaring to new records, attracting digital asset traders to diversify funds to markets connected to RWAs.
As per the latest data from TradeXYZ, about 90% of total perpetual open interest comes from Hyperliquid’s HIP-3 exchange, showing the huge popularity of the platform.
