HYPE (Hyperliquid) rose 2.19% in 24 hours

Gate News Bot report, September 25, according to CoinMarketCap data, HYPE (Hyperliquid) is currently priced at $45.73, having risen by 2.19% in the last 24 hours, with a high of $59.39 and a low of $43.37. The 24-hour volume reached $543 million. The current market capitalization is approximately $15.396 billion, an increase of $330 million compared to yesterday.

Hyperliquid is a blockchain platform designed to serve as the foundation for all financial operations. The project's flagship application is a decentralized exchange that offers low fees, up to 40x leverage, and a fully on-chain order book. Hyperliquid claims its block time is 0.07 seconds, with a maximum trading volume of 200,000 transactions per second, and currently has 675,500 users.

HYPE recent important news:

1️⃣ Large holders continue to reduce their holdings An early HYPE investor sold 201,900 HYPE tokens in the past two hours, worth approximately $8.93 million. The investor initially acquired 2 million HYPE at an average price of $8.68, with a total investment of $17.4 million. Currently, the investor still holds 1.8 million HYPE, valued at around $80 million. Another large holder has cumulatively reduced their holdings by 1.26 million HYPE over the past 32 hours, accounting for about 24.85% of their position. These large-scale sell-offs may put short-term pressure on HYPE prices.

2️⃣ Community proposal to significantly reduce token supply The Hyperliquid community recently proposed an important proposal to immediately cut the total supply of HYPE by 45%. This proposal includes revoking the unissued HYPE allocation for future community rewards, destroying all HYPE held by the assistance fund, and removing the maximum supply cap of 1 billion tokens. This move aims to optimize the financial structure of the protocol while not affecting the rights of existing token holders or the funding support capability of the protocol. If passed, this proposal will significantly reduce the circulation of HYPE, potentially having a positive impact on its price.

3️⃣ Competitor market share rise In the field of decentralized perpetual contract trading, Hyperliquid faces challenges from competitors like Aster. Recent data shows that Aster's 24-hour perpetual contract volume reached 21.1 billion USD, nearly double that of Hyperliquid's volume during the same period. Nevertheless, Hyperliquid still maintains a lead in trading volume over 7 days and 30 days, demonstrating its strong market competitiveness.

From a technical perspective, the HYPE price has shown a slight rebound after a recent pullback, but it is still in the adjustment phase. The current price has fallen about 26% from its historical high, with key support levels in the $43-$45 range. Investors should closely monitor the movements of large wallet addresses and the progress of community governance proposals, as these factors may significantly impact HYPE's short-term price trends.

This message is not intended as investment advice; investors should be aware of market volatility risks.