The cryptocurrency token HYPE rallied past $50 on 27 Aug 2025, setting a fresh all-time high after several months of sideways trading on the Hyperliquid exchange. On-chain data show that wallet 0xFF0…24FbF withdrew 10 million USDC from Coinbase and, within the hour, spent about $9 million buying HYPE on Hyperliquid. The address has left a limit order for the remaining $1 million at $49.306. The large purchase followed a short-liquidation episode in XLP that generated additional trading fees on the platform. Blockchain analyses indicate that an entity identified by market participants as “AF” has accumulated more than 8 percent of HYPE’s circulating supply, adding nearly 1 percent each month. The concentration of holdings and the latest round of aggressive buying have intensified debate over the token’s liquidity and the impact of forthcoming team unlocks.