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Whales Are Circling: $HYPE Sees Massive Buys as Price Eyes $39.10 Rebound
- $HYPE, a crypto asset associated with Hyperliquid ecosystem, is witnessing substantial activity, including significant trades by renowned wallet addresses.
- Notable whale wallets have transacted nearly $5 million worth of $HYPE within approximately a day, indicating renewed confidence and bullish sentiment.
- A whale wallet, 0x9E8, recently bought $1 million USDC worth of $HYPE, signaling potential bullish rallies as whales lead the way for retail traders.
- Another whale, 0xab6, placed a sizable limit order to acquire $HYPE at a lower price, hinting at interest and potentially acting as a price support.
- The current market signals suggest that $HYPE might retest its previous high of $39.10 as whales make purchases around the $35 range.
- Hyperliquid, the supporting protocol for $HYPE, recorded a substantial gross profit of $72.3 million in May, outperforming major blockchain ecosystems like TRON and Ethereum.
- Analysts attribute Hyperliquid's improved performance to factors like increased trading volumes, enhanced fee capture mechanisms, and ecosystem expansion with practical applications.
- Growth in profitability and confidence in Hyperliquid's long-term prospects are contributing to the positive sentiment around $HYPE, potentially attracting institutional capital.
- The combination of whale activity and Hyperliquid's financial success indicates a potential upward breakout for $HYPE, with eyes set on a return to its previous high of $39.10.
- While promising, these developments do not constitute trading or investment advice, urging individuals to conduct thorough research before engaging in cryptocurrency investments.
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