Coinbase gobbled up Hyperliquid with $5 billion in cash, while Circle moved $4.4 billion USDC in a single day—the biggest one-off transaction in history. This pile of money now earns interest and is used to back-buy $HYPE; the platform can basically do nothing but still prop up its own price—the loop is airtight and plays out smoothly.

HYPE2.67%
USDC-0.02%
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