Cryptocurrency whales are taking advantage of the falling price of the native token of high-performance hybrid exchange Hyperliquid, designed to combine elements of centralized and decentralized exchanges.
According to data from on-chain analytics service Spot On Chain, crypto finance firm Amber Group spent a total of $7.22 million to purchase 342,845 HYPE tokens at an average price of $21.06, which which carries a total of 730,749 cryptocurrency tokens.
According to Spot On Chain, Amber Group spent almost $10 million to accumulate these tokens which are now worth around $16 million.
Over the past three weeks, HYPE has seen its price plunge just over 40%, from around $34.7 to now $20.7, amid a broader cryptocurrency market correction that saw the price of BTC drop from over $100,000 to a low of $93,000.
Hyperliquide presents itself as a hybrid exchange combining elements of centralized platforms like Blanche and decentralized platforms like Uniswap. It operates its own blockchain, providing a similar degree of transparency to decentralized exchanges, but it is maintained by a select group of developers, a compromise made to achieve high speeds similar to those seen on centralized platforms.
The exchange faced an exodus of traders late last year after security expert Taylor Monahan revealed that blockchain addresses she suspected belonged to North Korean hacking groups were being traded on the sotck exchange.
The North Korean hackers’ trading activity on the exchange is a way for them to investigate possible security bugs on the platform, according to Monahan. Hyperliquid’s core developer team addressed the controversy, saying that there had been no DPRK exploits – or any exploits for that matter – from Hyperliquid. All user funds are taken into account.
Despite this exodus, Hyperliquid’s trading volumes have grown exponentially over time, to the point where its cumulative trading volume now approaches $630 billion, with the exchange now regularly seeing volumes between $7 billion and $8 billion. dollars per day.
Featured image via Pixels.
