Multicoin Bets Big on Hyperliquid Crypto Amid Rising Burns
Hyperliquid crypto has been gaining traction among institutional investors, including Multicoin, which holds one of the largest positions in HYPE tokens. According to Spencer Applebaum, head of venture at Multicoin, the company invested heavily in Hyperliquid because its exchange products matched major centralized players like Binance.
Applebaum also noted that Hyperliquid's approach to liquidity and distribution contributed to its appeal. However, despite Multicoin selling off a significant portion of its HYPE holdings, it remains one of the company's biggest crypto positions.
The recent burn of 32,770 HYPE tokens at an average price of $81.01 has removed roughly $2.65 million from circulation and brought the total burned to 48.57 million coins, or about 4.8% of the circulating supply.