Hype and Frenzy: Multicoin Sells, Whale Buys $12M in HYPE

Two contrasting moves by large investors in Hyperliquid (HYPE) are causing price fluctuations. Multicoin Capital transferred 198,320 HYPE tokens worth $16.49M to Coinbase, a move seen as preparation for selling.

This isn't the first time Multicoin has made such a transfer, but it adds to the growing sell pressure on HYPE. The asset's price currently sits at $80.87, down 2.6% over the past 24 hours.

On the other side of the coin, an unidentified wallet (0x6436) purchased 141,442 HYPE tokens worth approximately $11.88M, extending a buying streak that began in late August. This whale's repeated purchases indicate steady accumulation rather than a one-off entry.