HYPE token hits seven-month low: perpetual contract market share plummets from 70% to 20%, triggering tens of millions of dollars in liquidations

[Crypto World] HYPE has taken quite a hit recently. The token price has plunged to $29.24, evaporating over 4% in a single day—this is the worst level in seven months. What’s worse is that this isn’t just a simple price correction.

Looking deeper, Hyperliquid’s dominance in the perpetual contracts sector is shrinking at a visible pace. Remember just a few months ago when they held nearly 70% of the market share? Now, it’s been slashed to under 20%. Newcomers like Aster and Lighter are aggressively grabbing market share, gradually poaching users that once belonged to Hyperliquid.

Market sentiment has also collapsed. This downturn directly triggered over $11 million in liquidations, wiping out almost all leveraged traders. Looking at a longer time frame, HYPE has shrunk by nearly 30% over the past month, and holders are seeing their portfolio values continually decrease.

To make matters worse, some recent token-level moves by the team have made the community uneasy. Although the official team hasn’t specified what exactly changed, the market is always sensitive to such opaque moves—once confidence is shaken, selling pressure becomes uncontrollable.

The situation facing Hyperliquid is awkward: technically, they may still be solid, but the market won’t wait for you to prove yourself. Competitors are closing in, users are voting with their feet, and the token price has become the most direct barometer. How they bounce back from here will test not just the product, but also the team’s ability to respond quickly and communicate with the market.