Multicoin-Linked Wallet Moves 490K Hyperliquid (HYPE) Tokens Over Two Days

A cryptocurrency wallet believed to be associated with venture capital firm Multicoin Capital has transferred roughly 490,500 HYPE tokens, valued at about $29.48 million, over the past two days, according to on-chain transaction data.

The latest movement involved 93,000 HYPE tokens worth approximately $5.48 million, sent to two newly created wallets labeled 0xFA21 and 0x257F.

The latest transfer comes two days after the same wallet moved 397,500 HYPE tokens, valued at roughly $24 million, through multiple addresses before the funds were deposited to Coinbase, according to on-chain data.

The transfers coincide with weakness in Hyperliquid’s native HYPE token. HYPE was trading at $59.09, down about 10% over the past week, at the time of the observed transactions.

Multicoin Capital is widely known as a thesis-driven cryptocurrency investment firm. The wallet ownership has not been independently confirmed, although blockchain analysts have linked the address to the firm based on historical on-chain activity.

Source: Onchain Lens