HYPE Hits $82 as Whale Invests $26M and Hyperliquid Burns Tokens

HYPE, the native token of the Hyperliquid decentralized trading platform, surged to $82 in price after gaining 4% over the past 24 hours. This increase has pushed HYPE's year-to-date returns above 220%, and its market capitalization now stands at $18.2 billion.

The recent upswing in HYPE's price coincided with significant accumulation by a prominent investor, who acquired 308,569 HYPE tokens valued at approximately $26 million and immediately staked the entire amount. This wallet has been aggressively buying and staking HYPE since early summer.

On the supply side, Hyperliquid executed a buyback and burn event, removing 32,770 HYPE tokens worth nearly $2.65 million from circulation in a 24-hour period. According to OnchainLens, Hyperliquid has now completed a cumulative lifetime burn of 48.57 million HYPE, representing about $3.82 billion at present valuations.