HYPE Dips on Binance Listing Day, Then Recovers as Hyperliquid Strategies Buys $45.8 Million

HYPE, the cryptocurrency associated with Hyperliquid Strategies, saw a 4.5% drop in value on its listing day on Binance, despite reaching an all-time high of $98 just before trading began.

Whales, or large holders, transferred substantial amounts of HYPE during this time, which some interpret as a signal that more selling may be imminent.

However, Hyperliquid Strategies bought 494,200 HYPE tokens worth $45.8 million the day after listing, part of its $16 million daily buying pattern.

HYPE has partially recovered, trading at $94, up 6% this week.