A Hyperliquid OG wallet holding 1.5M HYPE begins selling after HYPE breaks $67 ATH, locking in nearly $95M in profit. Details inside.
Hyperliquid’s native token, HYPE, has broken into new price territory. It surged past $67, setting a fresh all-time high at about $68.45.
According to CoinGecko, HYPE traded at $67.96 at the time of reporting. The 24-hour trading volume hit over $1.55 billion. That came alongside a 9.81% gain in 24 hours and a 23.40% rise over the week.
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HYPE OG Wallet Moves After Massive Gains
On-chain analytics account Lookonchain flagged a wallet movement tied to the rally. A long-time HYPE holder, described as an OG, began offloading a portion of a 1.5 million HYPE position worth roughly $98.2 million.
Lookonchain reported the wallet was sitting on an estimated $95 million in profit at the time.
The wallet’s history tells an interesting story. The holder originally received 819,335 HYPE at Genesis. They later spent $2.9 million to acquire an additional 676,709 HYPE tokens at an average price of $4.29. That cost basis now looks remarkably low against current prices.
As $HYPE broke above $67 and hit a new ATH, a $HYPE OG holding 1.5M $HYPE($98.2M) started selling to lock in a $95M profit!
This OG received 819,335 $HYPE at Genesis, then spent $2.9M to buy another 676,709 $HYPE at $4.29.
9 hours ago, he withdrew 500,000 $HYPE($33M) from… pic.twitter.com/u7uhIeVGpm
— Lookonchain (@lookonchain) May 30, 2026
Nine hours before Lookonchain’s report, the wallet withdrew 500,000 HYPE, worth around $33 million, from the Hyperliquid platform. Shortly after, 211,001 HYPE valued at $13.8 million moved into Coinbase.
Despite the sell activity, the wallet still holds 1.285 million HYPE, currently worth approximately $84.4 million.
HYPE Price Action Draws BNB Comparisons
The rally has interested traders beyond just on-chain watchers.
Crypto analyst KillaXBT noted on social media that HYPE’s current price action closely resembles BNB’s early parabolic run. He pointed to shared characteristics between the two tokens during their respective growth phases.
KillaXBT said he is not looking to short HYPE.
Instead, he mentioned setting higher time frame bids in the $48 to $52 range. He described the risk-reward as attractive if the trend structure holds.
He also noted HYPE’s relative strength against Bitcoin as a key factor in his thinking.
His comments reflect a cautious but bullish approach. He framed the potential dip zone as a retest opportunity rather than a sign of weakness. The BNB comparison, he clarified, was simply an observation about price structure.
$HYPE going parabolic is reminding me of $BNB ’s price action.
It’s showing a lot of the same characteristics. Just an interesting observation.
If it follows a similar schematic to BNB, there may be another opportunity to load up on HYPE in the $48–52 range. Given its relative… pic.twitter.com/WWYVUr7Fel
— Killa (@KillaXBT) May 29, 2026
Hyperliquid’s Buyback and Burn Mechanism Fuels HYPE Demand
Part of the broader conversation around HYPE involves the protocol’s tokenomics.
Hyperliquid Hub shared data showing the circulating supply of HYPE has dropped noticeably since the token generation event. The protocol generated approximately $53.09 million in revenue over the past 30 days.
According to Hyperliquid Hub, every dollar of that revenue went directly toward buying back HYPE on the open market. Those tokens are then permanently burned.
The account described this as a transparent method of returning trading fees to HYPE holders and stakers.
Hyperliquid Hub outlined the logic behind the model. Higher trading activity drives more protocol revenue. More revenue leads to larger buybacks and burns. The account described this cycle as a flywheel effect, where each component reinforces the next.