Institutional Giant Whale Bulks Up On This Altcoin As The Price Plummets

According to information shared by cryptocurrency onchain analysis firm SpotOnChain, an institutional whale appears to be buying a large chunk of an altcoin at the bottom price.

According to Onchain data, Amber Group, a crypto market-making firm, bridged an additional $4.88 million worth of USDC to Hyperliquid, spending a total of $7.22 million to purchase 342,845 HYPE tokens. The institutional whale made this purchase at an average price of $21.06.

At the time of writing, HYPE is trading at $21.24.

According to the data, this cryptocurrency wallet holds 730,749 HYPE tokens worth a total of $ 16 million. In addition, when evaluated as a whole, the company's total profit from this altcoin was measured at $ 6.56 million.

The HYPE price has seen a significant drop of 10% in the last week. The altcoin, which has a massive market cap of $7.08 billion at the time of writing, is not listed on major cryptocurrency exchanges including Binance, Coinbase and Bybit.

*This is not investment advice.