Hyperliquid Tumbles 12% as a16z-Linked Wallet Dumps $28M HYPE Tokens

Hyperliquid's native token HYPE fell 12% in 24 hours after on-chain data showed a wallet linked to venture capital firm a16z began selling a major portion of its holdings. The wallet dumped $28 million worth of HYPE tokens amid massive profit-taking, triggering a sharp price decline and raising concerns about further selling pressure from large holders.