#山寨币季节即将来临？ Recently came across an interesting on-chain signal, and I want to share some observations about HYPE.

Here's the situation — a large address cluster has recently been unstaking a significant amount of HYPE. Data shows they have already sold 600,000 tokens (worth about $1.6 million at the time), and now another 1 million tokens have been released, indicating they are still unloading. The fund flow from these addresses is somewhat unusual, involving privacy mixing tools, which suggests the selling operation might be cautious. Based on the timeline, these whales accumulated tokens at low prices within three weeks after the Hyperliquid event, and now they are unlocking and cashing out immediately, with a clear intention to realize profits.

From the market performance perspective, HYPE is currently priced at $26.669, with a 24-hour increase of 1.16%. It seems relatively stable. But don’t be fooled by this modest rise — continuous large-scale selling by whales usually exerts significant selling pressure, especially considering they still hold 4.36 million tokens. This selling pressure is not to be underestimated. In the short term, such on-chain movements tend to amplify market volatility, and related ecosystem tokens may also follow suit and adjust accordingly.

Judging from several angles, HYPE might face a correction in the next one or two weeks, with a target around $25. However, the pace of selling will also matter — if it slows down, the market could rebound and recover. But based on current signals, the probability of that happening seems low. The overall crypto market has been quite volatile recently, and these large whale actions could further increase risks.

That said, corrections often also present opportunities. If the project’s fundamentals are solid, a dip could be a good time to accumulate. The key is to keep an eye on subsequent on-chain data and not be misled by short-term price increases. $ETH