HYPE price drops 27% in a week, what’s driving the dump?
The post HYPE price drops 27% in a week, what’s driving the dump? appeared on BitcoinEthereumNews.com. After a record-breaking rally to $59.39, HYPE has lost steam, sliding down the chart as profit-taking, whale moves, and a looming token unlock weigh on sentiment. Summary HYPE price is down 27% this week, now trading at $42.46 after peaking at $59.39. A looming $11.9 billion token unlock in November has sparked fear of dilution. Arthur Hayes reportedly sold $5.1M worth of HYPE, fueling bearish sentiment in the market. HYPE is also battling with pressure from other DEX tokens like Aster which surpassed it in daily trading volume. HYPE price action has turned bearish, with the token plunging roughly 27% over the past week, trading around $42.5 at press time. The drop comes just days after the token hit a new all-time high of $59.39, marking a sharp retreat from the bullish momentum seen earlier this month. Profit-taking, looming token unlock spark HYPE sell-off The ongoing decline in HYPE price is likely fueled by profit-taking efforts among investors seeking to lock in gains after its recent rally, particularly amid the broader market downturn and rising caution across the sector. A bigger factor, however, is an upcoming $11.9 billion token unlock scheduled for November. The event has raised fears of supply dilution, pushing early whales to trim holdings and prompting traders to cut exposure. One of the largest sell-offs came from Arthur Hayes, who had previously predicted a 26x rally for HYPE. Hayes dumped around 96,600 tokens, worth around $5 million at the time, sparking a wave of selling pressure. On-chain trackers show several other whales following suit, including one address that recently unloaded 201,900 HYPE tokens worth $8.93 million. Aster rivalry pressures Hyperliquid price The HYPE token also appears to be losing ground to Aster, a new rival in the perpetual DEX space. Competition from the new is pulling attention…
The post HYPE price drops 27% in a week, what’s driving the dump? appeared on BitcoinEthereumNews.com.
After a record-breaking rally to $59.39, HYPE has lost steam, sliding down the chart as profit-taking, whale moves, and a looming token unlock weigh on sentiment. Summary HYPE price is down 27% this week, now trading at $42.46 after peaking at $59.39. A looming $11.9 billion token unlock in November has sparked fear of dilution. Arthur Hayes reportedly sold $5.1M worth of HYPE, fueling bearish sentiment in the market. HYPE is also battling with pressure from other DEX tokens like Aster which surpassed it in daily trading volume. HYPE price action has turned bearish, with the token plunging roughly 27% over the past week, trading around $42.5 at press time. The drop comes just days after the token hit a new all-time high of $59.39, marking a sharp retreat from the bullish momentum seen earlier this month. Profit-taking, looming token unlock spark HYPE sell-off The ongoing decline in HYPE price is likely fueled by profit-taking efforts among investors seeking to lock in gains after its recent rally, particularly amid the broader market downturn and rising caution across the sector. A bigger factor, however, is an upcoming $11.9 billion token unlock scheduled for November. The event has raised fears of supply dilution, pushing early whales to trim holdings and prompting traders to cut exposure. One of the largest sell-offs came from Arthur Hayes, who had previously predicted a 26x rally for HYPE. Hayes dumped around 96,600 tokens, worth around $5 million at the time, sparking a wave of selling pressure. On-chain trackers show several other whales following suit, including one address that recently unloaded 201,900 HYPE tokens worth $8.93 million. Aster rivalry pressures Hyperliquid price The HYPE token also appears to be losing ground to Aster, a new rival in the perpetual DEX space. Competition from the new is pulling attention…
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