According to CoinMeta, Multicoin, as one of the major institutional holders of Hyperliquid, has recently made significant investments in HYPE tokens. The company held approximately 4 million HYPE tokens at the peak earlier this year, but has since sold a large portion of its holdings, with about 700 million tokens remaining. Nevertheless, the investment in Multicoin remains one of its largest crypto assets. HYPE tokens are favored by retail and institutional investors due to their deflationary characteristics. Recently, Hyperliquid completed a token burn, removing about $2.65 million worth of HYPE tokens, and to date, 48.57 million tokens have been burned, with a current circulating supply of about 251.7 million. Although the price of HYPE tokens has fallen by nearly 10% in the past week, they are still aiming for a three-digit price.