Close to $33 million worth of HYPE tokens changed hands in a significant whale transfer as the price of Hyperliquid’s native token slipped. On July 24, blockchain tracker Whale Alert flagged a transfer of 557,902 HYPE tokens, valued at $32,898,942, from an anonymous wallet to HyperCore, the core trading infrastructure of the Hyperliquid Layer 1 blockchain.
HyperCore powers fully on-chain spot and perpetual order books, handling all trading and financial transactions within the ecosystem. Although Whale Alert did not provide details on the purpose of the transfer, on-chain data platform Lookonchain suggested that a whale received these tokens from FalconX and subsequently deposited them into Hyperliquid for staking.
This transfer fits a recent pattern of increased staking activity by large holders. Just hours earlier, a whale staked 2.93 million HYPE, worth approximately $172 million, indicating a strong interest in locking up tokens for rewards. Over the course of 24 hours, 19 wallets, likely controlled by the same entity, funneled these tokens into Hyperliquid’s staking platform, signaling a strategic move to capitalize on the protocol’s incentives.
Despite the flurry of staking, the token’s market price has struggled recently. At the time of reporting, HYPE had dropped 1.59% in the last day to $57.48 and was down 2.13% over the past week. The price decline has continued since mid-July, with several days of lower highs following a pullback from record levels.
The broader crypto market has remained cautious, reflecting the mixed signals coming from major assets and emerging protocols. For those tracking Hyperliquid’s momentum, the staking surge by whales comes as a notable event, contrasting with the general price weakness.
