Multicoin Sells Another 10% of HYPE Stack as Holdings Fall From 4 Million Tokens

Multicoin Capital has sold another 10% of its HYPE holdings, according to blockchain analytics platform Arkham Intelligence. Still, HYPE remains its largest holding, currently worth around $90.5 million.

The investment firm had accumulated the tokens between February and March this year and has held the position for more than six months.

Slashing HYPE

Arkham stated that Multicoin held 4 million HYPE at its peak and now owns just over 25% of that amount. Earlier this week, the firm moved a large amount of the token to Coinbase Prime. On-chain data showed three separate transfers totaling 261,555 HYPE, worth about $21.7 million. The batches contained 63,235, 101,144, and 97,176 units. The transfers drew attention because they came as the crypto asset traded near its recent highs.

In June, Multicoin said it projected that HYPE could hit $319. The target came from valuing $8 billion in expected 2028 earnings at 20 times, which results in a $160 billion valuation based on an adjusted supply of about 502 million HYPE tokens. Its base case assumes crypto derivatives volume grows 35% annually, DEXs reach 32% of the derivatives market, Hyperliquid captures a 30% share, and USDC balances rise with volume.

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