Hyperliquid's native token, HYPE, is defying broader market weakness, nearing all-time highs near $50. Data from Arkham Intelligence reveals that a whale wallet linked to venture capital firm Andreessen Horowitz (a16z) has been aggressively accumulating the token.
The wallet created a new address to purchase 206,325 HYPE tokens worth $9.95 million in the last ten hours, immediately staking them. This behavior, combined with a total of 2.34 million HYPE tokens accumulated since April 14 for roughly $102 million, signals a long-term investment thesis rather than short-term trading.
Staking removes tokens from circulation, reducing liquid supply. This accumulation by a sophisticated investor like a16z suggests deep conviction in Hyperliquid's future.
HYPE is currently trading near $49.50, approaching its previous all-time high. The daily chart shows a decisive uptrend since a February bottom around $21, with the 50-day and 100-day moving averages turning upward. A breakout above $50 could target the $56-$60 region, while support sits at $41-$45.
