Crypto finance giant Amber Group made waves in the cryptocurrency market on Monday by snapping up a large chunk of HYPE tokens, a digital currency linked to the Hyperliquid exchange. According to Spot On Chain, Amber Group dropped a total of $7.22 million to acquire 342,845 HYPE tokens, with an average price of $21.06 per token, increasing their total stash to over 730,749 tokens.
But wait, there’s more! Tokens initially purchased by Amber Group for nearly $10 million, as reported by us earlier this year, have now skyrocketed in value to a whooping $16 million.
HYPE token experienced a sharp price drop, more than 40% in value, falling from $34.7 to approximately $20.7. This decline is part of a broader market correction impacting various cryptocurrencies, including Bitcoin, which recently saw its value decrease from over $100,000 to a low of $93,000.
Hyperliquid, a hybrid exchange, combines elements of both centralized and decentralized trading platforms. It operates on its own blockchain, providing users with decentralized transparency while maintaining the high speed of centralized systems.
Last year, the exchange came under scrutiny when a well-known security expert raised alarms about potential North Korean involvement. Despite the controversy and a brief exodus of traders, Hyperliquid has seen a staggering increase in trading volumes, reaching cumulative figures near $630 billion, with daily exchanges between $7 and $8 billion.
Now, back to our main story. Amber Group’s large-scale acquisition of HYPE tokens is a bold move in the crypto market, and it will be interesting to see how this strategy unfolds. Stay tuned for updates on this ever-evolving chessboard!
