Whales are buying HYPE, amid Nascent PEPE dumping

Cryptocurrency market whale activity shows holders have taken up selling their positions on PEPE to accumulate Hyperliquid (HYPE). On-chain data reveals that significant PEPE sales have contributed to the token’s decline, while HYPE is attracting substantial capital, as the crypto market dip woes continue.

In a February 8 X post, on-chain analytics platform Lookonchain reported that venture capital firm Nascent recently sold the last of their PEPE holdings. The firm liquidated round 175 billion PEPE, worth approximately $1.5 million, in the last hours of Friday.

According to Lookonchain, Nascent initially acquired 608.85 billion PEPE between June 6 and July 15, 2024, for a total investment of $7.73M. However, its selling strategy did not maximize potential profits. 

When PEPE’s price surged in November 2024, Nascent began offloading its holdings, but it reportedly missed the optimal selling window, only making a profit of just $348,000.

Whale sell-off intensifies PEPE decline

Since the start of the year, whales have been letting go of their PEPE holdings, and the selling pressures have far contributed to the memecoin’s recent price struggles. On January 27, Lookonchain spotted multiple large holders had liquidated their positions in 48 hours. 

Notable transactions included a whale address depositing 430 billion PEPE ($6.39 million) to Binance and another moving 325.5 billion PEPE ($4.9 million) to the exchange. Other large sell-offs included 200.88 billion PEPE for $2.85 million in USDC and a 140.83 billion PEPE deposit worth $1.98 million.

Many whales have recently sold off their entire $PEPE holdings.

0xfBfC…07Be deposited 430B $PEPE($6.39M) to #Binance 9 hours ago.

marketparticipant.eth deposited 325.5B $PEPE($4.9M) to #Binance 24 hours ago.

0xb1a2…6731 sold 200.88B $PEPE for 2.85M $USDC in the past 48… pic.twitter.com/oJlJpEUbtv

— Lookonchain (@lookonchain) January 27, 2025

These massive sales have weighed heavily on PEPE’s market performance.

PEPE has dropped by over 45% from its peak in 2025 Market corretion has pushing its losses to 49% in a month. As of the time of this writing, the memecoin is trading at $0.059133, a 3.6% drop in 24 hours.

Whales shift focus to HYPE

Investors have now turned their attention from PEPE to HYPE. One whale, by the address 0xfD7A…Ea8d, deposited 3M USDC to Hyperliquid. The whale then used it to purchase 130,422 HYPE, worth approximately $2.96M. 

Another whale, 0x3369…ADdF, deposited 6.95M USDC and bought 186,964 HYPE for $4.24M. The big purchases show growing confidence in HYPE’ even in its consolidation phase.

Many whales have recently sold off their entire $PEPE holdings.

0xfBfC…07Be deposited 430B $PEPE($6.39M) to #Binance 9 hours ago.

marketparticipant.eth deposited 325.5B $PEPE($4.9M) to #Binance 24 hours ago.

0xb1a2…6731 sold 200.88B $PEPE for 2.85M $USDC in the past 48… pic.twitter.com/oJlJpEUbtv

— Lookonchain (@lookonchain) January 27, 2025

Coingecko data shows HYPE is currently trading at $22. However, market analysts suggest that it could soon breach the $27 resistance level and trigger a rally toward $32. 

If HYPE establishes $25 as a support level, it may set the stage for a move toward its ATH of $42. However, failure to breach and hold above $27 could give bears leverage in a initiating a medium-term price correction. 

A drop below $20 would likely push HYPE back to $16.

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