HYPE Price Dives Below $60 as A16Z-Linked Wallet Sells

HYPE, an altcoin associated with the Hyperliquid project, has seen its price drop below $60. The token faced rejection at this level and fell as low as $58 after a failed rebound attempt.

According to data from Arkham, an a16z-linked wallet deposited 471,500 HYPE worth $30.57 million across several exchanges, including OKX, Bybit, and Gate.

This move could indicate selling pressure, but the wallet still holds more than 9 million HYPE, making it one of the token's largest holders.