Hyperliquid (HYPE) Drops 5% – Could Whales Trigger an Even Bigger Sell-Off?

One popular analyst suggested HYPE could plunge to the mid-70s, yet insists that it remains a "must-have" in any crypto portfolio. Unlike leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), HYPE — the native token of the popular decentralized exchange — has had quite a successful year, rallying by over 100% during that period. Earlier this month, it hit a new all-time high of almost $100, but bears stepped in, and the asset is now worth roughly $90 (per CoinGecko). Meanwhile, recent whale activity suggests a further correction may be on the way. Dumping HYPE According to analytics platform Lookonchain, some large investors have started offloading their HYPE bags. One of those, known as 0xc745, deposited over $16 million worth of the cryptocurrency into OKX and Bybit. It is not guaranteed that this market participant has sold their position, yet such transfers are often interpreted as the step before that action. Lookonchain also revealed that a wallet linked to Hypersphere Ventures dumped 62,869 HYPE (worth roughly $5.78 million) that were purchased a month ago, making a $2.13 million profit. Earlier this month, another whale deposited nearly $50 million ...