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Market Takes a Hit, Yet HYPE Stays Strong – Whats the Secret?

Market Takes a Hit, Yet HYPE Stays Strong – Whats the Secret? WikiBit 2025-02-04 02:43

HYPE, the native token of blockchain protocol Hyperliquid, has turned bullish in the past 24 hours,

HYPE, the native token of blockchain protocol Hyperliquid, has turned bullish in the past 24 hours, despite the collapse of the broader digital asset space where investors saw $2.25 billion get liquidated in the past 24 hours, shows Coinglass, a blockchain analysis platform. Bitcoin crashed to $91,000 but has since then recovered to $95,000.

According to CoinMarketCap data, HYPE is trading at $23.28, up 3.10% in the past 24 hours. The digital asset rose to a daily high of $23.83 after crashing to a low price of $20.05. With a massive market cap of $7.77 billion, HYPE is ranked as the 19th-largest cryptocurrency by valuation.

Related: 7 Altcoins Ready to Explode: Dont Miss the $HYPE Around FARTCOIN, JTO, ONDO, SPX, LTC, and RAY

Hyperliquids Fees and Revenue

A major reason for HYPE holding its price is the blockchain projects rising fees and revenue.

As pointed out in a report, Hyperliquid ended January being ranked higher than Ethereum in terms of fees and revenue. However, according to DefiLlama, current data suggests that ETH stands at 11th position while Hyperliquid is 14th, with revenues of $2.01 million and $1.97 million, respectively.

An X (formerly Twitter) user McKenna highlighted that Hyperliquid‘s HYPE token had the fairest launch across all crypto token generation events in 2024. The user also claims that HYPE has had massive growth potential and since day 1, it “drove value back to token holders.” Another X user called Hyperliquid a “cash cow,” pointing out the project’s significant impact on the DeFi sector.

Hyperliquid's Assistance Fund collects $30k 10 Mins

That's only a part of the fees Hyperliquid makes.

Hyperliquid is a Cashcow. pic.twitter.com/vtAQUEUd7P

— Tobias Reisner (@reisnertobias) February 3, 2025

What Do the Charts Say About HYPE?

As per the chart provided by TradingView below, the HYPE token Relative Strength Index (RSI) reads a value of 43.42, which means that the bears have taken over the cryptocurrencys price action. Moreover, the gradient of the line suggests an increased possibility of a retest of $20.

The MACD indicator, on the other hand, remains bearish for HYPE as the MACD line (blue) remains below the signal line (/red). The intensity of the histogram, however, is decreasing, which is a positive indication for prices.

Related: Coinbase Prepares for At Least 80 Token Listings in H1 2025

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