The cryptocurrency world is buzzing as HYPE token, associated with the Hyperliquid project, has experienced a dramatic price surge. A staggering $12 million transfer from Hyperliquid’s treasury to an address called Hypercore sparked immediate attention. This move included 1.2% of the total supply and 3.54% of circulating supply, raising concerns about potential selling pressure among traders. 425,000 tokens were also staked, representing $14.5 million, which analysts see as a positive sign for the project’s long-term prospects. ),
The surge in price is drawing significant attention and sparking questions about whether this upward trend will continue or stall.
A large portion of the market community has turned to technical analysis to gauge potential future price movements. $HYPE’s current price stands at $34.80, showcasing a modest 2% increase within the past 24 hours, and trading volume is currently down by almost 27%. This slight drop in volume does not indicate a slowdown, as the coin remains stable.