Hyperliquid Token Hits 10-Day Low Following Recent Record High
Altcoin Hyperliquid (HYPE) experienced a decline of over 6% in the past 24 hours, dropping below $36, its lowest in 10 days, and significantly off its all-time high of $45.59 reached three days prior. Despite this, HYPE remains up over 40% in the last 30 days due to its strong position in perpetual futures trading. The overall cryptocurrency market capitalization fell by 2.5%. Factors contributing to HYPE's decline include profit-taking by investors following large purchases by Eyenovia and Lion Group, which aimed to build crypto treasuries. Eyenovia acquired over 1 million tokens for $50 million, while Lion Group secured a $600 million credit facility for crypto reserves. Analysts noted a 50% drop in trading volume since mid-May and highlighted the weakening of HYPE's buy-and-burn mechanism as a factor in the price decline.
