Crypto’s Bleeding Heart: HYPE’s Price Plummets

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🚨💸 “Crypto’s Bleeding Heart: HYPE‘s Price Plummets” 🚨💸

Crypto’s Bleeding Heart: HYPE’s Price Plummets

As the rain poured down on the streets of Cryptville, the Hyperliquid token (HYPE) found itself drowning in a sea of despair, clinging to a crucial support level for dear life. The volume on its perpetual decentralized trading platform, once a bustling hub of activity, had slumped to a mere whisper.

Alas, poor HYPE! It had fallen to a low of $12.10, a pitiful level it had last seen on that fateful day, March 13. Its market cap, once a proud $9.7 billion in December, now lay battered and bruised at $4.43 billion. 😔

According to the all-knowing DeFi Llama, the volume of cryptocurrencies traded on Hyperliquid’s network had taken a precipitous plunge in March, from $187 billion in February to a mere $159 billion. A far cry from its January heyday of $197 billion, indeed.

And yet, like a phoenix from the ashes, Hyperliquid remains the largest perpetual futures exchange in the industry, boasting a cumulative volume of $1.16 trillion. Jupiter (JUP), its arch-nemesis, trails behind with a paltry $268 billion. 🏆

But, alas, the entire decentralized perpetual futures platform ecosystem was afflicted by the same malaise. Total volume had dwindled to $275 billion in March, down from $367 billion in January. The spot market, too, suffered a similar fate, with all DEX networks handling a mere $243 billion, compared to $564 billion in January. 📉

As Bitcoin (BTC) and its altcoin brethren lost momentum, retreating to the safety of their digital wallets, the volume on both centralized and decentralized exchanges took a nosedive. Ah, the cruel whims of fate! 🤦‍♂️

But what’s this? A scandal, you say? HYPE’s price plummeted amidst a maelstrom of criticism over its handling of Jelly, a meme coin of questionable repute. A cunning trader, with a heart blacker than coal, had orchestrated a $4.1 million long-short position, sending JELLY’s price soaring by 400%! 🚀

The aftermath was nothing short of chaotic. Hyperliquid delisted the token, prompting a backlash from the community, which was only placated by the platform’s promise to compensate affected users. 🙏

After evidence of suspicious market activity, the validator set convened and voted to delist JELLY perps.

All users apart from flagged addresses will be made whole from the Hyper Foundation. This will be done automatically in the coming days based on onchain data. There is no…

— Hyperliquid (@HyperliquidX) March 26, 2025

HYPE Price Technical Analysis: A Glimmer of Hope? 🌟

Behold! The four-hour chart reveals a double-bottom pattern, with HYPE’s price clinging to the $12.11 level for dear life. The neckline, a lofty $17.26, beckons like a siren’s song. Will HYPE find the strength to rise from the ashes, or will it succumb to the depths of despair? 🤔

The MACD’s bullish crossover and the BBTrend indicator’s precipitous drop to -25.13 hint at a possible resurgence. Might HYPE yet bounce back, soaring to the resistance point at $17.26, a tantalizing 31% above its current level? 🚀 Or will it plummet further, leaving naught but tears and regret in its wake? 😭

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2025-03-31 19:47