Look, HYPE, or Hyperliquid, is the new star in the cryptocurrency neighborhood, and it is doing everything to not only shine but to dominate. It is trading at just 10% of its all-time high, and while Bitcoin is fighting not to fall below $110,000, this coin has its sights set on the sky.
But not everything is rosy. After reaching the peak and being strongly rejected, HYPE is in a correction, which means the price has dropped a little. But watch out! This is not the end of the world. Experts are watching two key levels that are like the gates to glory:
The barrier of $47.30: If HYPE manages to break this level, hold on tight!, because its all-time high of $49.90 is just around the corner.
The support of $43.80:This is the floor that it cannot break, because if it does, it could unleash a stronger drop and call into question whether its bullish rally remains intact.
The most incredible thing of all is that while the market was on a downturn, a "shark" of cryptocurrencies, a whale, sold over $2.5 billion in Bitcoin and jumped on the Hyperliquid boat with a half-billion-dollar position. That’s having faith in the project! 🐋
Additionally, the coin has a few tricks up its sleeve that make it even more powerful:
Massive token burn: HYPE is burning $1.3 billion of its tokens. What does this mean? There are fewer coins available, which makes them more valuable. Basic economics, people!
Total dominance: With 75% of the decentralized derivatives market in its hands, Hyperliquid is devouring the market. It generates over $1.2 billion in annual revenue, so it’s not a fad, it’s a beast in the sector.
In summary, HYPE is not only trying to stay afloat, it is swimming with sharks and burning its own tokens to increase in value. The market is keeping an eye on whether it can break those barriers and return to the top. The million-dollar question is: could the next king of DeFi be Hyperliquid? 🤔$HYPE
