On-chain data shows renewed whale interest in HYPE as two large wallets deposited $5 million in USDC into Hyperliquid in a single hour. The funds were immediately used to build positions in HYPE, Hyperliquid’s native governance token, indicating growing confidence among deep-pocketed investors.
Wallet 0xDAeF builds larger position
Wallet 0xDAeF now holds 214,497 HYPE tokens, valued at approximately $5.44 million. More importantly, the wallet still holds 5.52 million USDC on the platform. This reserve suggests that the whale plans to continue accumulating rather than making a one-time purchase.
A second whale, wallet 0x3300, reflects this behavior. He currently holds 102,460 HYPE tokens worth around $2.61 million. The wallet also has 2.45 million USDC allocated for future purchases, reinforcing the idea of gradual accumulation rather than short-term speculation.
Accumulation Strategy Indicates High Conviction
USDC’s gradual deposit pattern points to a deliberate strategy. Whales often use time-weighted average buying to reduce slippage and prevent price increases. This approach usually reflects long-term conviction rather than impulsive trading.
Hyperliquid operates as a high-performance Layer 1 decentralized exchange known for its low fees and fast execution. Since the launch of HYPE in late 2024, the token has become central to governance and incentives. At around $25 per token, HYPE has also seen a recent 5% increase in daily trading volume, bringing activity to approximately $164 million. Historically, concentrated whale accumulation in DeFi governance tokens has preceded strong bullish moves. Similar accumulation phases in previous cycles have led to rallies of 20% to 50% once supply is reduced and broader market attention occurs.
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