Mysterious Whale Amasses $252 Million in HYPE Tokens

A mysterious whale has added $29 million worth of Hyperliquid (HYPE) tokens to its wallets, according to on-chain analysis from Lookonchain. The entity known as 0x6436 purchased 343,000 HYPE at the latest prices and staked them.

This marks the third major phase in the whale's buying spree, which resembles a Dollar Cost Averaging (DCA) process. The entire position is now staked in the ecosystem and expected to generate passive revenue for the holder.

The whale now holds 3.24 million HYPE, worth over $252 million at an average price of $82 per token. The buying spree has unfolded in distinct phases: one purchase was 1.28 million HYPE for $89 million at $70 per token, another added 1.62 million coins for $133.8 million at around $82.

The identity of this HYPE whale remains a mystery, leading to speculation about their future intentions. However, it seems they have been buying and staking the tokens for the long term, confident in Hyperliquid's growth trajectory despite the current bearish setup.