TL;DR
- Whales accumulated $24M in HYPE within hours, fueling momentum as the price closes in on ATH.
- Technical charts show a strong support trend line, with $52 resistance key for the next bullish breakout.
- Hyperliquid governance vote on USDH ticker may redirect $5.5B and yield $220M annually.
Whales Accumulate Millions in HYPE
Hyperliquid (HYPE) just breached its previous all-time high as whales continue to add large positions. Over the last 16 hours, wallets linked to major buyers have picked up more than $24 million worth of tokens.
Lookonchain reported that qianbaidu.eth bought 260,900 HYPE ($13M) in the past 16 hours via 2 wallets. In the same period, wallet 0xe0f0 opened a long position of 136,906 HYPE ($6.9M). Two other wallets, 0x328B and 0x23fA, added another $2.13M and $2M in tokens, with the latter staking its purchase shortly after.
CoinGecko data shows that HYPE skyrocketed to a new all-time high of just over $51. The token is up 7% in the last 24 hours and 13% over the past week, with daily trading volume at $360 million.
Market analyst Nanji noted the scale of recent buys, writing ,
“Whales straight up aped $24M into $HYPE in the last 16 hours… we might be staring at $65 HYPE sooner than u think.”
Technical Chart Shows Bullish Setup
Chart analysis from Kamran Asghar points to a supportive trend line that has carried HYPE higher since early August. Each of the three retests of this line has been followed by a strong bounce, showing steady accumulation at lower levels.
Price action is now testing resistance at $52, a level that has been rejected multiple times in the past month. Asghar stated,
“$52.00 is a resistance after which a good bullish momentum will be seen.”
A breakout could pave the way toward $54–$56, with the rising trend line acting as support.
Governance Vote on Stablecoin Ticker
The Hyperliquid community is preparing for a governance vote on September 14 over the USDH ticker. CryptoPotato reported that the vote is focused on strengthening the platform’s native stablecoin strategy and reducing exposure to USDC.
If passed, the change could redirect up to $5.5 billion from USDC and generate an estimated $220 million in yearly yield for HYPE holders. The decision will serve as a test of the network’s community-driven governance model.
