- Amber Group increased its HYPE holdings to 730,749 tokens worth $16 million.
- HYPE token price plunged by around 15% in the last week, trading above $21.
The broader crypto market had a slow start for 2025, contrary to the short bull run we witnessed in December 2024. While Bitcoin is trading at the usual $94K price level, Ether hasn’t yet recorded any significant price surge, trading at $3.3K. Meanwhile altcoins have also had a dull start, except for a few memecoins and AI agent tokens.
Hyperliquid token witnessed significant price surge of 100% in 2024, following its remarkable airdrop of worth $1.6 billion. The token performed exceptionally well, having strong fundamentals and ambitious network performance goals. However, the token price has been going on a downtrend for the past week.
The HYPE token is trading slightly above $21 at press time with around 15% weekly plunge. However, the market cap and 24-hour trading volume have increased by more than 5% and 13% respectively. After recording a week-long downtrend, the HYPE token price started to rise today.
The price dip might have to do something about the issues raised by the Hyperliquid community about validator decentralisation. In response, Hyperliquid posted on X, clarifying all the misconceptions regarding the network operation.
Institutions are Buying HYPE Amidst Price Dip
Institutions are seizing the $HYPE dip!
— Spot On Chain (@spotonchain) January 10, 2025
In the past 17 hours, Amber Group further bridged 4.88M $USDC to #Hyperliquid and spent a total of $7.22M to buy 342,845 $HYPE at an average price of $21.06 via wallet “0xCfd”.
Currently, this wallet holds 730,749 $HYPE ($16M) with an… pic.twitter.com/Nn3j2f58Ad
As per on-chain analysis platform Spot On Chain, Amber Group bridged 4.88 million USDC to Hyperliquid to buy HYPE tokens. The institutional investment included a total purchase of 342,845 HYPE, spending $7.22 million. Amber Group obtained these tokens at an average price of $21.06.
The Amber Group wallet holds a total of 730,749 HYPE tokens worth $16 million, with an all-time profit of $6.56 million. Earlier this month, multiple whales spotted purchasing HYPE tokens worth more than $8 million.
Nonetheless, Hyperliquid must regain trust and loyalty from its community, addressing all the issues and misconceptions. Otherwise, it would add to the list of short-term hyped crypto projects within no time. If it regains community confidence in the network, HYPE could witness another price rally in the upcoming bull run.
Highlighted Crypto News Today:
