- HYPE hit a new all-time high above $67 as trading volume surged by 34.9% in 24 hours.
- An early investor deposited $13.8M in HYPE to Coinbase but still holds $84.4M in tokens.
- Hyperliquid’s planned prediction market remains in focus as network activity continues to rise.
Hyperliquid’s native token HYPE extended its rally over the past 24 hours, reaching a new all-time high of above $67 as rising trading activity and continued market participation pushed the asset higher. The move also prompted one of the token’s early holders to begin realizing profits, introducing additional supply into the market.
According to data shared by blockchain analytics platform Lookonchain, an early HYPE holder began reducing exposure after the token reached new highs. According to the report, the wallet held approximately 1.5 million HYPE, valued at about $98.2 million when the token moved above $67.
The holder originally received 819,335 HYPE during the token’s genesis distribution and later spent roughly $2.9 million to acquire an additional 676,709 HYPE at an average price of $4.29 per token.
Lookonchain reported that the investor withdrew 500,000 HYPE, worth approximately $33 million, from Hyperliquid and deposited 211,001 HYPE, valued at around $13.8 million, to Coinbase. Despite the transfer, the wallet still holds about 1.285 million HYPE worth roughly $84.4 million.
Prediction Market Plans Remain in Focus
While traders monitored exchange deposits, attention also turned toward Hyperliquid’s planned prediction market product. Onchain analyst Moon Jeff noted that the initiative could become a future growth driver if it attracts new users to the platform.
The comments emerged as HYPE continued to benefit from increasing activity across the Hyperliquid network. The platform supports on-chain perpetual futures and spot trading, offering leverage of up to 40 times through its custom Layer-1 blockchain infrastructure.
Trading Volume and Market Capitalization Increase
Market data from CoinMarketCap showed HYPE trading at $66.08 at the time of reporting, representing a 5.3% gain over the previous 24 hours. The trading activity also increased significantly during the same period, with daily trading volume reaching $1.36 billion, reflecting a 34.9% increase. HYPE’s market capitalization also rose to around $16.77 billion.
Related: HYPE Outperforms Bitcoin Following Major Whale Activity
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