Whales Withdraw $122M in HYPE Tokens Amid Vesting Concerns
- A whale wallet withdrew $122 million worth of Hyperliquid (HYPE) tokens, purchased at approximately $12 each.
- The HYPE token reached an all-time high of $59.29 before facing a potential supply increase due to upcoming vesting schedules.
- 23.8% of the total HYPE supply will unlock on November 29, potentially releasing about $11 billion worth of tokens over two years.
- Arthur Hayes sold his entire HYPE holdings to fund a deposit for a new Ferrari, valued at up to $590,000.
- In contrast, Aster, a competitor decentralized exchange, saw its token rise by over 1,700%, reaching a market cap of $2.5 billion.
Concerns are mounting as large investors exit the HYPE market ahead of significant token unlocks that could exert downward pressure on prices. The anticipated release of approximately $500 million in monthly unlocks may lead to increased selling activity among holders.
The recent whale withdrawal and Hayes’ sale highlight the volatility surrounding the HYPE token as it trades at around $49.34 after falling by nearly eight percent recently. (Source)
