Hyperliquid (HYPE) and Purr (PURR) Soar to New Heights as Crypto Whales Accumulate Tokens

A crypto whale has caused excitement in the market by accumulating enormous amounts of Hyperliquid (HYPE) and Purr (PURR). On December 17, the savvy

A crypto whale has sparked excitement in the market by amassing a large sum of Hyperliquid (HYPE) and Purr (PURR) tokens. The whale’s activity, spotted by Lookonchain, shows a preference for alternative cryptocurrencies amid the ongoing bullish wave.

The whale’s transaction involved depositing $9.66 million in USDC into the Hyperliquid trading platform and then purchasing 166,913 HYPE tokens (valued at $4.8 million) and 6.48 million PURR (valued at $4.14 million).

Based on the observation, whales and institutional investors are pumping funds into exchanges and buying alternative cryptocurrencies. This signals a trend towards accumulating assets for short-term profits.

Many whales are depositing funds into #Hyperliquid to buy $HYPE and $PURR!

0x0013…5D22 deposited 9.66M $USDC into #Hyperliquid, then bought 166,913 $HYPE($4.8M) and 6.48M $PURR($4.14M).

0xCA97…651E deposited 4.26M $USDC into #Hyperliquid, then bought 125,252 $HYPE($3.57M)…

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HYPE and PURR continue to soar

The purchase highlights whales’ interest in loading up on HYPE and PURR tokens, sparking a wave of excitement in the market.

Hyperliquid, a decentralized perpetual trading platform, has seen increased trading activity since rolling out its native token, HYPE, late last month. In a remarkable achievement, the platform has attracted over $1 billion in net USDC inflows since the token launch on November 29.

Currently, a massive sum of more than $2.1 billion in USDC deposits is locked in Hyperliquid’s bridge, as the platform witnesses a strong uptick in trading activity and traders’ interest in native token HYPE and meme coin PURR within the ecosystem.

Hyperliq’s commitment to a community-driven approach has been a key factor in expanding the platform’s trading activity. The platform emphasizes long-term community engagement with strategies such as airdrops and other community involvements.

As a result, Hyperliq’s native token, HYPE, has seen an astronomical increase of 774.73% to $28.13 from $4 in a month, driven by community enthusiasm. Part of this surge is linked to the airdrop event, in which Hyperliq rewarded its community with over 300 million HYPE tokens to qualified members on November 29.

HYPE is trading at 28.34, up 12.9% in the last 24 hours. Meanwhile, PURR is also having a good session. Its trading volume surged 39.50% to $56.06 million in the past 24 hours, signaling a recent increase in market activity. Its value surged 191.30% in the last seven days, outperforming the global digital asset market which is up 8.40% currently.

Hyperliquid outperforms competitors

Attracting $1 billion in net USDC inflows in three weeks makes Hyperliquid one of the biggest decentralized perpetual trading platforms in terms of trading volume and TVL.

Hyperliq’s TVL has skyrocketed by over 1000% within a month. According to the latest DefiLlama data, Hyperliq’s current total value locked stands at $2.89 billion. This ranks it as the second largest decentralized exchange (DEX), following Uniswap’s TVL of $6.82 billion.

The tremendous increase in Hyperliq’s transaction volume is largely attributed to the platform’s recent token airdrop campaign, rising user interest in its platform, and increasing trading activity on native tokens, HYPE and PURR.

Hyperliq functions as a decentralized platform where users can leverage cryptocurrencies and trade perpetual derivatives, enabling them to multiply their buying power. The platform collects liquidity from numerous sources and serves as a layer 1 application chain, allowing trading of native tokens like HYPE and PURR.