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The hyper-liquid coin HYPE fell to a seven-month low as the market reacted to a sharp decline in the protocol’s dominance and renewed concern over the coin’s recent moves.
According to BeInCrypto data, the price of the coin fell more than 4% in the last 24 hours to $29.24, its weakest level since May.
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Why is the price of HYPE falling?
Data from CoinGlass showed that the decline led to more than $11 million in liquidations, adding pressure to a market that is already trending toward caution.
This mutation represents a stark reversal for a protocol that once dominated… Perpetual contract market on the blockchain. before the year, Hyperliquids have dominated the decentralized perpetual contract market With almost complete authority. However, this advantage has disappeared.
Reveal the data DeFiLlama reported a surprising erosion in its dominance, with the protocol’s share of the perpetual contracts market falling from a peak of around 70% to less than 20% at press time.
This may be related to the emergence of more competitors Aggressive like Aster and Lighter, who have successfully driven volume through better incentive programs.
As a result, investors are quickly reassessing HYPE and no longer see it as the inevitable winner in the sector, but as an outdated entity that is losing users.
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At the same time, Domestic currency movements have shaken confidence.
A report by blockchain analytics firm Lookonchain last month stated that wallets controlled by the team I think 2.6 million HYPE, estimated at $89 million.
While the team recovered about 1.08 million coins, the market focused on the flows.
A total of 900,869 HYPE tokens were liquidated in the wallet, and another 609,108 HYPE tokens, worth approximately $20.9 million, were transferred to Flowdesk, a prominent market marker. The project also sold 1,200 additional tokens for approximately $41,193 in USDC.
These events affected me The psychological society.
HYPE has therefore fallen by about 30% of its value in the last 30 days, becoming the worst performing asset among the top 20 cryptocurrencies by market capitalization.
Cryptocurrency traders have become increasingly pessimistic about the token. Cryptocurrency trader Duo Nine suggested that the value of the token could drop to just $10.
The analyst said “Prepare yourself psychologically for such a scenario if you want to survive what’s coming.”
