Did you receive another airdrop for holding HYPE? In the past few days, HYPE has plummeted from 74 to 53, and the market has started to shout 40. Many people also feel that this round of strong narrative has receded, but today HYPE has once again risen to 60 and pulled back to around 64 It is worth noting that while the price has been fixed, HYPE holders have received another wave of airdrops Many HYPE holders have discovered that there is suddenly an additional memecoin MAX in their wallet, and many people don't even know where it came from at first Let me be clear: this is not an official ecological reward, nor does it necessarily have long-term value. Memes themselves can fluctuate greatly, but the focus is not on how much MAX is worth The key point is that the HYPE community has once again experienced that familiar experience: Why is it easy to spark discussions when holders suddenly receive new assets? Because HYPE was able to form such a strong consensus in the community at the earliest, it was inseparable from airdrops. Many early users did not buy HYPE first, but were airdropped into holders because they participated in Hyperliquid Later on, the price of HYPE continued to rise, and the profits of early airdrop users were continuously amplified, gradually forming a strong memory in the community: Participating in ecology may result in rewards; Holding HYPE may continue to result in ecological overflow So today HYPE pulled back from 53 to 64, it's not just a price rebound It's more like retesting a question: Is HYPE just an exchange token or is it becoming an identity asset in the Hyperliquid ecosystem? The data on the chain can also be seen, and today's wave of repairs is not without cost According to AiCoin's on chain data statistics, HYPE's actual liquidation in the past 24 hours was about 6.0232 million US dollars, of which the short liquidation was about 6.0214 million US dollars and the long liquidation was only about 1804 US dollars That is to say, this wave of buying from below 60 to 64 is almost entirely bearish The largest short selling occurred around $63.15, with a single short selling of approximately $4.2 million, and the position was reduced from approximately 66500 HYPE to 0 The person who continued to bet on HYPE yesterday has already been cleared one round today But HYPE has not completely escaped from the divergence zone: the current HYPE price is about $63.9, with a total liquidation of about $568 million for long positions below, about $663 million for short positions above, and the largest liquidation bucket for long positions below still at $50-51, with a scale of about $124 million The largest bearish clearing bucket above is at $83-84, with a size of approximately $57.53 million; 92-93 USD is approximately 46.73 million USD, and 89-90 USD is approximately 45.56 million USD That is to say, 60 has been retrieved, but the position that can truly reignite the bearish liquidation narrative may still be above 80 From OI perspective, HYPE remains one of the most core transaction targets on Hyperliquid According to AiCoin's on chain data statistics, the current market OI is about 8.662 billion US dollars, of which HYPE OI is about 1.17 billion US dollars, ranking third after BTC and ETH, with long positions accounting for about 55.0% and positions of about 16800 HYPE has entered a more complex stage from a one-sided frenzy of "shouting 100 across the internet": on one hand, the price has recovered from 53 to 64, and bears have been hit; On one hand, there is still a $124 million long liquidation of 50-51 below; On one hand, HYPE holders are starting to receive meme airdrops, and the community is re discussing ecological rewards; On the other side is the truly thick bearish liquidation above, which will only become more imaginative after reaching 80 or above Will the market start believing in the old narrative again: participating in Hyperliquid may be rewarded; Holding HYPE may continue to result in ecological overflow If 60-65 can stand still, meme airdrops like MAX may just be the first matchstick to reignite the community. But if HYPE falls back below 60 again, this wave may just be a short-term pullback after the bears are cleared Holding HYPE and receiving airdrops again, is the Hyperliquid airdrop flywheel spinning again, or is it just another community frenzy in price repair? HYPE Hyperliquid