📊 HYPER achieved an exceptional price jump of about +323%, which is a very large number. The price rose from about $0.14 to above $0.63, which increased the daily trading volume to more than $1.3 billion. This significant rise attracted many speculators and investors, but at the same time, there have been important questions and warnings surrounding the currency that people need to know before making any buying decisions.
✦ A brief background on the project.
Hyperlane is presented as a project working on developing data transfer protocols and Web3 applications, but in reality, the information available about the development team is very weak, the official sources are few, and there are no reliable updates that clarify a clear development strategy.
The significant price increase is not associated with any announcement of a new product or a strong strategic partnership. The most documented reason was the announcement of the currency listing on the Upbit and Bithumb exchanges in South Korea, which suddenly raised the demand and caused a rapid buying wave, leading to the sharp increase.
✦ The currency was on a clear downward trend before the rise and lost about 70% of its value within a few months.
The suspicious trading volume and reports that appeared on AInvest indicate the possibility of Wash Trading, which is fake trading between linked accounts to misleadingly inflate the volume.
The RSI indicator has entered a very strong overbought area >70, which is considered a signal that the price may start to correct at any time, and the resistance levels were broken very quickly without any clear support or confirmation of a stable direction.
✦ There is a high possibility that the current price is the result of short-term speculation, and there are no strong fundamentals or confirmed news supporting the continuation of the trend.
The high liquidity may be the result of pumping from large wallets aimed at attracting small investors.
✦ Hyperlane made a huge price movement, but the lack of strong reasons and the ongoing ambiguity surrounding the project makes entering a very high-risk endeavor. If you're interested, follow the official news and trading volume closely and be ready for any sudden corrections.
And this, of course, is just an analysis and opinion, not advice 😊👻
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