$HYPE Price Slumps After Record High, Large Holder Transfers Raise Selling Concerns

Hyperliquid's $HYPE token has declined over 3% in the past 24 hours, reaching a price of around $93.80 at the time of writing on September 24.

The decline follows the token's record high of $97.98 reached just a day earlier and a significant run-up to that level from its price near $78 just over a week ago.

Selling concerns have been triggered by recent transfers of large amounts of $HYPE to Coinbase Prime, including 130,331 tokens worth $12.15 million by Multicoin Capital.

Additionally, Lookonchain reported that five addresses had initiated the unstaking of over 983,600 $HYPE, valued at around $90.44 million, although this amount would not be immediately available for sale due to Hyperliquid's seven-day waiting period on unstaking.