Paradigm has staked 14.7 million HYPE tokens, valued at $581 million, and transferred 3.02 million HYPE tokens, worth $119 million, to Hyperevm. The latter then moved these tokens to a newly created wallet, likely for use in Sonnet. Most of the staked HYPE has been delegated to Anchorage by Figment nodes, though some remain unstaked. Additionally, 1.41 million HYPE tokens, valued at $55.9 million, are held in spot balances outside the staked amount. This activity has resulted in the SWPE (supply-weighted price-to-earnings ratio) dropping to a record low of 1.90.