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Paradigm Holds $763M in HYPE, Dominates Market with 19M Tokens
Paradigm's Significant Holding in HYPE
- Paradigm is the largest holder of HYPE, owning over 19.14 million tokens valued at approximately $763 million.
- This represents 1.91% of the total supply and 5.73% of the circulating supply, solidifying their position as the top holder.
- The firm consolidated its holdings into 19 wallets, likely in anticipation of the upcoming SONN event.
- Initial speculation about Paradigm's accumulation began in August, with acquisitions traced through Wintermute and FalconXGlobal on Gate.io.
- Transfers aligning with Paradigm’s statements suggest an entry cost around $16.46 per HYPE, leading to unrealized gains of over $440 million.
Market Performance and Technical Analysis
- HYPE has decreased by 15% in the last month and is 33% below its all-time high of $59.39, yet remains the 11th-largest cryptocurrency with a $13.24 billion market cap.
- The weekly chart shows a rising parallel channel movement, with RSI at 49.78 and MACD flattening, indicating consolidation.
- A potential increase in buying pressure could push HYPE to retest resistance levels near $53, while a breakdown might see it reach support around $35.89.
