HYPE Whale’s $902,000 Position Tops $23M as Exchange Deposits Come in Stages

A HYPE wallet that had been dormant for most of the past two years moved large batches of tokens to a centralized exchange, while the holdings it accumulated for $902,000 rose above $23 million in value.

The wallet acquired 257,928 HYPE at prices ranging from $3.39 to $3.72. The holdings are now worth more than $23 million, or about 26 times their purchase cost.

The accumulation took place through a HIP-2 system address in batches of 1,000 to 5,000 tokens. After remaining inactive for most of the last two years, the wallet began transferring portions of its position in stages.

The deposits included 50,000 HYPE, 51,421 HYPE and 30,000 HYPE, along with smaller amounts. The transfers moved part of the holdings to a centralized exchange, but the wallet’s owner has not been identified.

The staged deposits moved part of the holder’s tokens to a centralized exchange.

HYPE fell as low as $52 in August during a broader downturn in crypto markets.

The recent activity follows a rise in the wallet’s holdings above their original purchase cost.