Large investors in cryptocurrencies are capitalizing on a drop in the value of Hyperliquid’s native token, a currency that powers a fast trading platform that blends characteristics of both traditional and blockchain-based exchanges.
As a crypto investor, I recently learned that based on data from Spot On Chain, Amber Group has invested approximately $7.22 million to acquire 342,845 HYPE tokens at an average price of around $21.06. This move has increased their total holdings of the cryptocurrency to roughly 730,749 HYPE tokens.
According to Spot On Chain, Amber Group invested close to $10 million to acquire the tokens, which currently have a value of approximately $16 million.
Institutions are taking advantage of the dip in HYPE’s price! In the last 17 hours, Amber Group moved 4.88 million USDC to Hyperliquid and spent a total of 7.22 million dollars to purchase 342,845 HYPE tokens at an average cost of $21.06 using wallet “0xCfd”. Currently, this wallet owns 730,749 HYPE tokens worth 16 million dollars.
— Spot On Chain (@spotonchain) January 10, 2025
Over the past three weeks, HYPE’s value has significantly decreased by approximately 40% or more, falling from about $34.7 down to its current level of $20.7. This drop coincides with a broader correction in the cryptocurrency market, where the price of Bitcoin dropped from over $100,000 to a low of $93,000.
Hyperliquid positions itself as a mix exchange, incorporating aspects from both centralized systems like Blanche and decentralized ones such as Uniswap. This platform runs its own blockchain, providing transparency comparable to decentralized exchanges, yet it’s administered by a chosen team of developers for the sake of achieving swift performance akin to that found on centralized platforms.
Towards the end of last year, the trading platform experienced a significant departure of traders following the disclosure by cybersecurity specialist Taylor Monahan that some accounts on the platform were linked to North Korean hacker groups and were engaged in transactions.
According to Monahan, the trading actions by North Korean hackers on the exchange serve as a method for them to test and discover vulnerabilities within the platform’s security. However, the core development team of Hyperliquid has clarified that there have been no instances of exploitation by North Korea, or any other party, regarding Hyperliquid. All user funds are safely accounted for in their system.
Even though many users left Hyperliquid, its trading volumes have soared enormously over time, reaching almost $630 billion in total. The platform typically handles trading volumes ranging from $7 to $8 billion each day now.
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2025-01-10 23:49