Whale Accumulation Propels Hyperliquid's HYPE Token to Record High

Hyperliquid's HYPE token has soared beyond $41, setting a new all-time high, as large-scale investors, known as whales, aggressively accumulate the cryptocurrency. The surge included a nearly $10 million investment from a prominent whale, contributing to a buoyant market sentiment. This investor has reportedly made over $10 million in HYPE trading profits.

Other whales have also invested heavily, with two wallets acquiring over 99,000 HYPE tokens. The rise in HYPE's value comes despite a security scare in May, and has been further bolstered by SwissBorg's integration of HYPE and PURR tokens into its Meta-Exchange. Over the past 24 hours, HYPE's price has risen by over 15%, and it has seen a 65% increase over the past month, giving it a market cap of over $13.6 billion.