Hype Dives as Whales Trigger Sell-Off Fears

Hype (HYPE) has taken a hit in recent days, dropping by over 5% from its previous price. Despite this downturn, the cryptocurrency still boasts an impressive year-over-year gain of more than 100%. In fact, it reached a new all-time high just earlier this month, with prices nearing $100.

However, it appears that whales, large investors in crypto, have started to offload their HYPE holdings. According to analytics platform Lookonchain, several big players have transferred significant amounts of the cryptocurrency to various exchanges. For example, one wallet linked to Hypersphere Ventures dumped nearly $6 million worth of HYPE after making a profit of over $2 million.

This whale activity has been seen as bearish for the price, increasing the supply of HYPE on the market and potentially leading to a further pullback. In fact, one user noted that a plunge into the mid-70s could be a plausible scenario.