Crypto
Whale Withdrawals Weigh on Hyperliquid Price as Staking Remains Strong
Two linked wallets withdrew 83,630 HYPE worth $6.69 million from Coinbase Prime on August 28.
The transfer increased their estimated two-week accumulation to $14.83 million and added to their staked balance of approximately $74.9 million.
Hyperliquid price fell by almost 3% over the past day, trading at around $80.80 after reaching its record high of $86.71 on August 28.
The decline in price is attributed to a combination of factors, including Warsh's comments on inflation and derivatives positioning that magnified the decline.
The token's support range now sits between $78 and $80, with a break below $78 exposing the $73 to $75 region.