Analysts: An unknown entity is suspected of shorting HYPE through 54 wallets, making a paper profit of $5.34 million.

Over the past few days, an unknown entity has shorted a total of 1,677,500 HYPE tokens (worth $51.65 million) through 54 different wallets at an average price of $34.2087. The closing price was only $34.6703, which is 12% higher than the current price (as of around 3:40 a.m. today).