Hyperliquid’s native token HYPE surged to a new all-time high near $82 over the past day, extending a strong rally as blockchain records showed venture firm Multicoin Capital moving roughly $20 million worth of the token to Coinbase Prime.
HYPE Sets New Record High
The token climbed to an intraday peak close to $82, topping a prior record above $77 reached earlier in the session. The advance builds on recent momentum across select crypto assets, with HYPE among the market’s standout gainers in recent days.
Multicoin Transfers to Coinbase Prime
Onchain data indicates Multicoin Capital transferred multiple large batches of HYPE to Coinbase Prime, totaling about $20 million. Coinbase Prime is Coinbase’s institutional platform for custody and execution. The purpose of the transfers was not disclosed.
About Hyperliquid and HYPE
Hyperliquid is a decentralized derivatives exchange known for orderbook-based perpetuals trading. HYPE is the ecosystem’s native token. While token designs vary across projects, native assets commonly serve roles related to governance, utility, or incentives within their respective networks and applications.
What to Watch
- Whether HYPE retains price momentum after setting a new high.
- Any additional large transfers to exchanges that could affect market liquidity.
- Project or exchange announcements that may impact token demand or utility.