Hyperliquid Token Hits 7-Month Low as Market Share Collapses

The Hyperliquid (HYPE) token dropped over 4% to $29.24, its lowest point in seven months, following a significant collapse in the protocol's dominance in the on-chain perpetuals market. Hyperliquid's market share has plummeted from a peak near 70% to under 20%, largely due to aggressive competition from rivals like Aster and Lighter, which are attracting volume with better incentives. Compounding investor concern, team-controlled wallets unstaked 2.6 million HYPE tokens, valued around $89 million, with significant portions being sent to market maker Flowdesk or remaining liquid, despite some tokens being restaked. This combination of lost market position and internal token movements has led to HYPE shedding nearly 30% of its value in the last 30 days, with some analysts predicting a further drop to as low as $10.

(Source：BeInCrypto)