Hyperliquid News Today: Whales Double Down on PEPE, HYPE as Market Slumps
Whale transactions have reignited interest in PEPEPEPE-- and HYPE tokens following a recent market correction that erased nearly $500 billion in crypto value. On-chain data from platforms like Lookonchain and Nansen reveals significant accumulation by large investors, with transactions totaling over $15 million across both tokens. Whale addresses such as qianbaidu.eth, 0x2bfb, and 0x9b83 executed multi-million-dollar purchases, signaling confidence in the memeMEME-- and infrastructure tokens despite broader market uncertainty [1].
The qianbaidu.eth wallet withdrew 657.8 billion PEPE tokens ($4.44 million) from Binance and simultaneously transferred 8.67 million USDCUSDC-- to Hyperliquid to acquire HYPE [1]. Another whale, 0x2bfb, spent $4.97 million USDT to purchase 600.88 billion PEPE, reinforcing meme coins' appeal to institutional-sized holders [1]. The 0x9b83 address, meanwhile, bought 140,145 HYPE tokens ($5.5 million) and opened long positions on BitcoinBTC-- and HYPE, indicating a bullish outlook for the token [1].
Technical analysis highlights divergent trajectories for the two tokens. HYPE has fallen to $40.27 after a 10% decline, testing support between $40–$44. A rebound from this zone could push the token toward $50 within weeks [1]. For PEPE, resistance near $0.00000725 remains critical; a breakout could drive the price toward $0.00000750, a 15% gain [1]. The Relative Strength Index (RSI) for both tokens hovers near neutral levels, suggesting short-term volatility but no clear trend [1].
Whale accumulation has intensified in recent months. Top 100 EthereumETH-- addresses holding PEPE increased their holdings by 4.28% over 30 days, while exchange reserves fell 2.15%, per Nansen [2]. Open interest in PEPE futures has surged to $645 million, indicating growing institutional and retail participation [2]. Similarly, HYPE's exchange-held supply has declined as whales move tokens to private wallets, a pattern often associated with long-term holding strategies [1].
Price action has mirrored whale activity. PEPE surged 2.5% in 24 hours, outperforming the broader memecoinMEME-- sector and the CoinDesk 20 index [2]. A subsequent 6% rally pushed trading volumes to 5.61 trillion tokens, tripling the daily average [3]. The token's price rose from $0.000009138 to $0.000009652, breaking through key resistance levels and maintaining above $0.000009600 [3].
Analysts attribute the momentum to a combination of whale-driven liquidity and market sentiment. Exchange outflows and reduced selling pressure have created a favorable environment for price appreciation [1]. However, risks remain. The market's fragility-evidenced by a $16 billion liquidation event-means further corrections could disrupt accumulation patterns [4]. Additionally, the speculative nature of meme coins like PEPE leaves them vulnerable to macroeconomic shifts and regulatory scrutiny .
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