This Wednesday, the price of the HYPE token on the Hyperliquid platform plummeted, once again becoming the focus of the market. This drastic fluctuation marks a sharp shift in market sentiment, with investor panic significantly rising. The current price of the HYPE token is only $22.4, a staggering 62% drop from its historical high, which is undoubtedly a huge blow to the vast number of holders.
Against this backdrop, the activities of whales have also drawn particular attention. Several whale addresses face liquidation risks due to their large holdings of HYPE tokens, especially as some whales have suffered heavy unrealized losses during this price collapse. It seems to be a game of cat and mouse, with the battle between whales and short sellers intensifying.
On the other hand, the collapse of the HYPE token price is not an isolated event; it is closely related to recent unlocking events. According to the latest data, tokens worth up to $312 million will be unlocked at the end of November, accounting for 2.66% of the circulating supply. This event has become a catalyst for the price drop, causing the bullish and bearish forces in the market to converge at this time, creating immense pressure.
As the price of the HYPE token plummets, the unrealized losses of whales have become another key point in the market. Among them, whale address 0x152e holds short positions in BTC and ETH on Hyperliquid, with unrealized gains exceeding $1 million, and the address's profit record shows it has made nine consecutive profitable trades, accumulating over $14 million in profits. However, these whales are not the only ones to become victims.
To fully understand the collapse of the HYPE token, comparisons among whales are particularly important. Some whales have unrealized losses exceeding $47.35 million on their long positions in HYPE and ETH, while others hold long positions worth $237 million, with unrealized losses reaching $40.3 million. Although these whales have attempted to recover losses through long positions, their strategies have become precarious as the HYPE price continues to decline.
In this round of sharp declines, the relentless collapse of the HYPE token has clearly brought great unease to the market and left many doubts. The market's FUD sentiment is rising sharply, and it is evident that the unrealized losses and liquidation risks of whales have become a major focus. Amidst this panic, the tokenization of stocks in the Solana ecosystem seems to hint at some positive innovative possibilities, with Forward Industries tokenizing its stock FWDI on Solana, injecting a breath of fresh air into the entire DeFi market.
Nevertheless, it remains uncertain whether this innovation can truly alleviate the situation for the Hyperliquid platform. The developments are closely related to the actions of whales, and the moves of large investors may exacerbate market volatility. As a decentralized derivatives platform, the future of the HYPE token remains fraught with uncertainty.
Additionally, the tightening of liquidity in the macroeconomic environment may further intensify the pressure on the HYPE token. In this context, many innovations aimed at enhancing blockchain security, such as Solana's quantum defense testing, are not only addressing potential future threats but also providing investors with a new hope.
As the collapse of the HYPE token deepens, the market is undergoing a profound baptism. In the short term, the focus of the market will still be on the key price support levels for HYPE and the reactions of whales in the future market. In response to this turbulence, although short sellers currently hold the initiative, the market's liquidity and investment trends remain unpredictable. Whether the market will return to rationality in the future still needs observation. Investors should act cautiously to cope with the current uncertainties and potential risks in the market.
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