Crypto whales are betting big on Hyperliquid, with its price soaring 10% to a new all-time high (ATH) today.

But as Hyperliquid rallies, a new project, Best Wallet Token, is also generating whale interest. Which one is primed for bigger gains?

Crypto whales are known for their massive financial commitments, often influencing the market with their deep pockets.

This week, five crypto whales have spent a collective $27.8 million to buy HYPE tokens in the past two days, according to blockchain analytics aggregator LookOnChain.

The move comes as Hyperliquid’s native token, HYPE, continues to climb in price.

At the beginning of the month, HYPE was trading at around $16. However, its price has since soared to new all-time highs above $38.

HYPE price trades at $38.49. It’s up 11% for the day, 50% for the week, and 112% for the month. It’s also up 67% in the last seven days.

Its new ATH is $39.93, which it hit just three hours ago. It could well create another record high today.

HYPE price chart on Bitget.

The move comes as Bitcoin struggles to stay afloat in the red.

One Bitcoin whale has spent 8.09M $USDC to buy 235,553 $HYPE at $34.35 in the past 8 hours.

After buying 57,381 $HYPE at $34.85 in the past hour, another whale has increased their position with a purchase of 149,860 $HYPE at $35.22.

In total, five whales have bought 794,104 $HYPE for 27.8M in the past 2 days.0x24aB bought 448,071 $HYPE at $34.94.0x13706 bought 149,860 $HYPE at $35.22.0x033E bought 81,634 $HYPE at $35.45.0x9553 bought 57,158 $HYPE at $35.04.0xFa0F bought 57,381 ...

5 whales bought 794,104 $HYPE in the past 2 days!

One trader has been busy buying on Hyperliquid.

According to crypto analytics firm LookOnChain, a trader known as 0x24aB has spent over $21 million buying 602,444 HYPE tokens on Hyperliquid in the past seven days.

Its buying activity started on June 12 when it bought 148,360 HYPE tokens for $4.6 million at an average price of $31.1.

The trader then continued to buy HYPE on June 13, spending $7.9 million to buy 226,644 HYPE tokens at an average price of $34.8.

The trader bought another 227,460 HYPE tokens for $7.6 million at an average price of $33.4 on June 14.

Trader 0x24aB’s buying activity comes amid a recent surge in HYPE price.

HYPE price has soared from lows of $15.4 on May 24 to highs of $39.93 today, May 14. This represents an incredible 158% gain in less than a month.

Its gains are also noteworthy considering that Bitcoin has struggled to stay afloat in the red over the weekend.

Earlier this month, we highlighted how Hyperliquid's decentralized perpetual futures platform is rapidly gaining popularity.

Viewers may recall how early Pepe investor James Wynn reaped huge gains on Hyperliquid.

According to LookOnChain, the trader closed his trades on Sunday with a profit of $25.2 million in 75 days. He also contributed $2.31 million in fees to the platform.

Top trader @JamesWynnReal withdrew 28M USDC from Hyperliquid, walking away with a 25.2M profit.

Over the past 75 days, he made 38 trades on Hyperliquid, 17 of which were profitable, boasting a 45% win rate.

During that time, he contributed ~2.31M in fees to Hyperliquid.

— LookOnChain (@LookOnChain) May 13, 2024

The crypto analyst noted that Wynn took the biggest-ever Bitcoin long position in Hyperliquid’s history.

Back in March, he entered a 40x leveraged trade for 1000 BTC, which is currently worth around $25 million, at an opening price of