HYPE’s price rally slowed down today as some whales look to book profits following the parabolic move.
HYPE’s price went parabolic over the last week, surging 40% in the past seven days and reaching a new all-time high above $64.
The rally seems to have slowed over the past 24 hours, and it appears that some investors are taking profits rather than chasing further gains.
Some HYPE Whales Are Cashing Out
HYPE increased from below $40 to above $64 in the past couple of weeks, charting crypto’s most impressive rally in the interim. The move added billions of dollars to Hyperliquid’s total market capitalization and was fueled by surging traded volume and massive interest.
As somewhat expected, the rally has finally slowed a bit as some investors look to book profits.
Popular on-chain analytics account Lookonchain flagged a wallet that sold 151,574 HYPE (worth $9.25 million) a few hours ago. The trader also placed limit sell orders for another 170,000 HYPE worth about $10.6 million between $63.45 and $70.55.
At the time of this writing, HYPE is the 11th-largest cryptocurrency project by total market capitalization (around $15 billion). The altcoin is undoubtedly this week’s best-performing large-cap crypto, and its price surge put it very close to overtaking Dogecoin for the 10th position.
HYPE-based spot exchange-traded funds are also soaring in assets under management among an otherwise declining market. While Bitcoin ETFs bled over a billion dollars in AUM, HYPE attracted more than $70 million, as reported by CryptoPotato.
