The $HYPE token has officially reached a new all-time high (ATH), breaking the $44.40 point in a significant market move. The milestone is supported by information taken from Hyperdash and published by Onchain Lens, which states investor confidence is being renewed and a boost in trading.
In the last 24 hours alone, the token has gained more than 10%, one of the strongest rallies it has witnessed within the past couple of weeks.
At its current value of approximately $44.49, $HYPE has become the center of attention of speculative crypto activity.
The hyperliquid trading dashboard showed that the 24-hour volume was more than $662 million, and the open interest on top of it was over $1.3 billion, which indicated hot deposits in leveraged trading.
It is notable that the funding rates are on the positive side, which means that traders are largely taking long positions, betting on the side of further increases.
Whale’s $23.5M Bet Now Worth $13.7M in Unrealized Gains
There is one whale that has been calculated as the most competitive winner in this rally. With a long position of 528,630.44 HYPE tokens at a leverage of 4x, this trader has opened the position with an average price of $18.4277.
As of today, when $HYPE was trading at over $44.4, the position has increased in size to more than twice its value and now stands at a total figure of over 23.46 million, giving an unrealized gain of 13.72 million, which is an insane 233.92% return on investment.
According to Hyperdash statistics, the whale employed a margin of $5.86 million, and the liquidation price of the whale stands at 30.32%. And now that the price of the asset is far more than that, the risk of liquidation seems far in the future unless some dramatic turnaround in the market takes place.
Crypto enthusiasts and analysts have already noticed this success of the whale as a show of faith in the long-term prospects of $HYPE.
Traders sit back attentively to see whether $HYPE can continue its bullish trend or profit-taking will shift the heat of the current rally.
In any case, this epic increase has solidified the image of leverage trading being an extremely high-stakes, high-reward situation, and the whale is cashing in big time, at least in the meantime.
