Multicoin Dials Back HYPE Bet Amid Record Price Growth

Investment firm Multicoin Capital has sold another 10% of its HYPE holdings, according to blockchain analytics platform Arkham Intelligence. This latest sale brings down the firm's total holdings from a peak of 4 million tokens to just over 25% of that amount.

The transfer, which occurred on June 26th, consisted of three separate batches totaling 261,555 HYPE tokens worth around $21.7 million. The value of the sale comes at a time when HYPE has been experiencing significant growth, having gained 50% over the past month alone and recently reaching an all-time high of $86.71.

Multicoin initially acquired its HYPE holdings between February and March this year and has held the position for more than six months. The firm's optimism in HYPE is reflected in its projections, which estimate that the token could reach a valuation of up to $689 based on projected cash flow.