Multicoin Cuts HYPE Stake as Token Soars Near All-Time High

Multicoin Capital has trimmed its holdings of HYPE ($85.74 · Live) for the second time in recent days, according to blockchain analytics platform Arkham Intelligence. This time, the investment firm sold another 10% of its HYPE stack, leaving it with around $90.5 million invested in the token.

The move follows a significant price surge for HYPE, which has gained 50% over the past month alone and reached an all-time high of $86.71 before suffering a minor pullback. Despite this volatility, Multicoin remains bullish on HYPE's prospects, with its base case assuming the token could hit $319 by valuing $8 billion in expected 2028 earnings at 20 times.

However, not all traders share Multicoin's optimism. Pseudonymous market watcher 'swarmik' has shared a bearish view on HYPE, predicting a 17.2% drop based on a four-hour chart setup and citing signs of weakness in the market structure.