Investment firm Multicoin Capital has transferred $8.18 million worth of HYPE tokens to Coinbase, sparking speculation about their intentions for the token.
HYPE is the native cryptocurrency of the Hyperliquid blockchain and has a maximum supply of 1 billion units.
The transfer is likely a precursor to selling, according to on-chain data from address 0x57C6D4bD52F592a265F59B595a905B04C848174B.
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