A suspected a16z-associated wallet sold 105,400 HYPE tokens for $6.48 million as the token fell nearly 10% in 24 hours.
A wallet believed to be linked to venture capital firm a16z sold 105,400 HYPE tokens for approximately $6.48 million at an average price of $61.49. The transaction occurred as HYPE’s price declined 9.72% over the past day, trading near $58.99 after hitting a low of $58.89.
The wallet also transferred an additional 190,000 HYPE through aggregation routes tied to exchanges like Bybit, though it remains unclear if those tokens were sold. In total, the address moved 315,000 HYPE during the day and now holds roughly 45,100 HYPE on HyperEVM.
HYPE’s price drop follows the large sell-off, though the extent of the wallet’s impact on the market remains uncertain.