A Volatile Day for an Altcoin: Its Developers Are Preparing to Sell, but an Institutional Investor Has Locked Up $84 Million Worth of Tokens

One of the notable on-chain transactions in the cryptocurrency market was carried out by the investment company Multicoin Capital. According to the data, Multicoin staked 1.96 million HYPE tokens today. The total value of this transaction is estimated at approximately $83.9 million.

The transaction also confirmed the link between Multicoin and a previously unidentified cluster of wallets called “Galaxy.” The fact that this cluster, holding a total of 4.11 million HYPE (approximately $176 million), belongs to Multicoin supports previous predictions by market observers.

Related News: Major Binance-Listed Altcoin to Partner with South Korea's Largest Cryptocurrency Exchange

With this development, Multicoin has become one of the top three HYPE investors on the blockchain. The company’s total HYPE holdings have reached 7.023 million, of which 4.189 million (approximately $179 million) are staked. However, these calculations do not include the 675,000 HYPE ($28.9 million) sent to the Coinbase platform two weeks ago.

On the other hand, activity was also noted on the Hyperfoundation front, the structure behind the ecosystem. It was reported that the foundation recently unstakes 100,000 HYPE tokens (approximately $4.1 million). Such transactions are said to have been carried out in the past to cover operational expenses.

*This is not investment advice.

Continue Reading: A Volatile Day for an Altcoin: Its Developers Are Preparing to Sell, but an Institutional Investor Has Locked Up $84 Million Worth of Tokens