Ethereum (ETH) whales have flipped bullish on the native token of decentralized perpetuals exchange Hyperliquid (HYPE), according to blockchain analytics firm Lookonchain.

Lookonchain says that four addresses have acquired HYPE tokens worth approximately $24.03 million within hours of each other.

“Whales are bullish on HYPE.

qianbaidu.eth bought 260,900 HYPE ($13 million) in the past 16 hours via 2 wallets.

0xe0f0 opened a long position of 136,906 HYPE ($6.9 million) in the past 6 hours.

0x328B bought 43,415 HYPE ($2.13 million) in the past 12 hours.

0x23fA bought and staked 42,161 HYPE ($2 million) 7 hours ago.”

Hyperliquid is trading at $50.57 at time of writing. Since the crypto market correction in April that saw HYPE fall to $9.50, HYPE is up by around 430%.

The change in sentiment by whales comes amid plans by Hyperliquid to launch its own stablecoin. Last week, Hyperliquid announced plans to launch a “Hyperliquid-aligned, compliant stablecoin” pegged to the US dollar for its ecosystem. According to the announcement, the stablecoin will bear the ticker USDH. Entities interested in deploying the proposed USDH stablecoin will be required to submit proposals. The winner will be decided by Hyperliquid validators.

Blockchain infrastructure firm Paxos Labs has already declared interest in issuing the USDH stablecoin. Paxos Labs says it will offer incentives designed to ensure that a portion of the revenues generated from the USDH stablecoin flow back to the ecosystem.

“Paxos will allocate 95% of interest from reserves backing USDH to buy back HYPE and redistribute it back to ecosystem initiatives, partners and users.”