Multicoin Capital Cuts HYPE Stake as Token Hits New Highs

Multicoin Capital has offloaded another 10 percent of its HYPE holdings. Data shows the firm recently moved over 260,000 tokens to Coinbase Prime in a series of transactions worth roughly 21.7 million dollars. While the firm still holds about 90.5 million dollars worth of the asset, its total stash has dropped significantly from a peak of 4 million tokens earlier this year.

The selloff comes as HYPE experiences a massive price surge. The token recently reached an all time high of 86.71 dollars, marking a 50 percent gain over the past month. Despite a slight cooling off, the asset continues to trade above the 82 dollar level, remaining one of the strongest performers in the current market.

Market watchers are divided on what comes next. Multicoin has previously published ambitious price targets for the project, comparing its growth potential to Binance during its early years. Conversely, some traders are warning of a potential short term correction, pointing to charts that suggest the price could drop toward the 68 dollar range if selling pressure continues.

Regulatory attention is also increasing. The platform was recently a topic of discussion at a meeting between crypto executives and President elect Donald Trump. The conversation centered on bringing the trading platform into the United States in a compliant manner, which could be a major factor for investors to track in the coming months.