PANews reported on January 29 that, according to on-chain analyst Yu Jin, after more than ten hours of continuous buying, the address that transferred 45 million USDC to Hyperliquid yesterday to purchase HYPE has already converted 30.5 million USDC into 909,000 HYPE, at an average price of $33.5.

The purchases are still ongoing, and the remaining 14.5 million USDC should all be used to buy HYPE today.