Hyperliquid (HYPE) sees momentum from whale accumulation and token burns

Hyperliquid (HYPE) is experiencing significant market momentum driven by institutional interest, whale accumulation, and protocol-level token burns. A mysterious whale address, 0x6436, has accumulated 3.24 million HYPE tokens, valued at over $252 million, all of which are currently staked in the ecosystem.

On the protocol side, Hyperliquid’s Assistance Fund recently burned approximately 9,730 HYPE tokens, worth about $829,500, in a 24-hour period. This brings the cumulative amount of burned tokens to roughly 48.42 million, or 4.84% of the maximum supply. Projections from WuBlockchain suggest the platform could generate $193 million in annual revenue, potentially supporting daily buybacks of $527,000.

Technical analysts are monitoring HYPE for a potential breakout toward the $105 level following a substantial rally. Market sentiment remains high, with prediction markets showing an 88% likelihood of the token reaching $90 by the end of 2026. Additionally, the asset has gained attention due to its inclusion in an NCIQ ETF and reported support from the Trump administration.