HYPE fell back after touching 77 dollars of historical heights. The past 24 hours dropped by about 4 per cent, almost 11 per cent a week. In the context of the overall cooling down of the centralization exchange (DEX) plate, the market is looking at whether the HYPE's strength comes from Hyperliquid itself or from the overall funding of the plate.

Whale funding continues to be concentrated.

The chain data show that Hyperliquid is still attracting large amounts of money. Arthur Hayes, the co-founder of the previously closed BitMEX, was recently found to have an associated wallet proposed from Gate 44,156 HYPEs at a price of approximately $2.93 million.

It was reported that the wallet had achieved some $503 million in profits through two transactions over the past two weeks. However, Hayes himself denied that the wallet belonged to himself.

In addition to this buy-in, Whale Factor data shows that another whale has created the largest multi-head position on the HYPE chain. The account held approximately $93 million under four-fold leverage, and currently had a surplus of approximately $39.7 million.

HYPE is more powerful than some of the same tokens.

Compared to AsterDEX's ASTER, Lighter's LIT, the price volatility of HYPE is broadly the same, but much larger. Of the data given in the article for the last month, HYPE rose by about 3.75 per cent, LIT by about 20.7 per cent, and ASTER by about 9.7 per cent.

  • HYPE: About 3.75% increase in the last month
  • LIT: About 20.7 per cent increase in the last month
  • ASTER: Almost 9.7 per cent decline in the last month

This means that HYPE's performance is not exactly the same as the DEX plate as a whole. At least in the same kind of currency, it still shows greater financial attention and greater price elasticity.

The pressure on the plate is still on.

However, the article also notes that the DEX plate tokens have been falling in their entirety in the recent past. The HYPE dayline movement has been signaled by a stage of retweeting, and the market is observing whether the 53-55 dollar area can be supported.

It appears that the pressure on the sale is still apparent, but the large purchases have not disappeared. The current market disagreement is whether the continued build-up of whales is sufficient to put pressure on the rebalancing of the plates.

HYPE may remain relatively strong if large amounts of money continue to remain on the scene; and it is difficult for HYPE to operate completely independently of market sentiment if the plate adjustment continues to expand.