The bear case for $HYPE is important to take note of albeit not very convincing:

1. Massive unlocks of $10M per day from Nov 25th onwards

2. Ecosystem for $HYPE isn't thriving as much as @solana . $SOL has been attracting builders and developers since 2020 which is really hard to replicate

3. $41B FDV seems to be fair value if you're considering what @Hyperliquidx is at it's core, a perp dex