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According to Spot On Chain's data, crypto whales considered the drop in HYPE price as a buying opportunity and made investments worth millions of dollars.
According to the data shared by the on-chain analysis platform Spot On Chain on February 7th, despite a daily 9% drop in HYPE price, large investors continue to buy.
The wallet address identified as '0x336' whale purchased 131,160 HYPE at an average price of $24.04 by spending $3.15 million during the day. Similarly, another whale with the address '0x643' acquired 72,792.5 HYPE at the same price level by spending $1.75 million during the day.
Despite the decline in HYPE price, the Hyperliquid platform continues to be one of the first entry points for new crypto projects. According to Spot On Chain, the highest open interest for BERA token is seen here today (open interest). A similar trend was previously experienced with TRUMP and MELANIA tokens.
After the release of TRUMP and MELANIA meme coins, HYPE coin experienced a 40% increase in value due to the attention it received.
According to CoinGecko data, HYPE is finding buyers at $22.22 despite experiencing a loss in value despite whale purchases.
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