儘管網絡量和市場份額增長，但過濾（HYPE）代幣價格卻崩潰了

在過去的幾周中，超流動的代幣價格崩潰了，即使網絡的數量增加並且其市場份額上升。炒作價格已從35美元下降

The Hyperliquid (HYPE) token price has crashed in the past few weeks even as the network’s volume jumped and its market share rose.

在過去的幾周中，即使網絡的數量增加並且其市場份額上升，過去幾周中的超流動性（炒作）代幣價格也崩潰了。

The HYPE price has dropped from $35 in December to $14, leading to a $4.6 billion wipeout as the market cap dropped from over $9 billion to $4.7 billion.

炒作價格已從12月的35美元下降到14美元，導致46億美元的消滅，因為市值從90億美元下降到47億美元。

Hyperliquid’s token has crashed because of the ongoing crypto crash, as Bitcoin and most altcoins have dropped. Bitcoin has dropped by 23% from its highest level this year, meaning that it has moved into a bear market. A bear market is defined as a situation where an asset drops by at least 20% from a local top.

由於比特幣和大多數Altcoins都下降，Hyplliquid的代幣由於正在進行的加密貨幣崩潰而崩潰。比特幣今年的最高水平下降了23％，這意味著它已經進入了熊市。熊市被定義為一種情況，資產從當地頂部下降至少20％。

HYPE price has crashed from its all-time high because of its current and future dilution, which will continue for a long time. According to CoinMarketCap, there are now 333 million HYPE in circulation against a total supply of 999.9 million tokens. Over 433,000 tokens are usually unlocked each month, a process that will continue until 2028.

由於其當前和未來的稀釋，炒作價格從歷史上的高度崩潰了，這將持續很長時間。根據CoinMarketCap的數據，現在有3.33億次炒作，總供應量為9.999億個令牌。通常每個月都會解鎖超過433,000個令牌，該過程將持續到2028年。

Token unlocks are highly dilutive since they increase a token’s supply at a time when the number of buyers is not growing as much.

令牌解鎖是高度稀釋的，因為它們在買家數量增長的時候增加了代幣的供應。

Moreover, the HYPE price has crashed due to concerns about whether the network can effectively manage a large-scale market crash. As a perpetual DEX platform, Hyperliquid is widely known for its use of leverage. For example, CoinGlass data shows that one whale has placed a $151 million leveraged short trade on Ethereum and has already made over $70 million profit. It is unclear whether it would manage substantial liquidations.

此外，由於對網絡是否可以有效管理大規模市場崩潰的擔憂，炒作價格已經崩潰。作為永久性DEX平台，Hyproliquid以其使用槓桿作用而聞名。例如，Coinglass數據表明，一隻鯨魚對以太坊的短貿易利用了1.51億美元，並且已經賺了7000萬美元的利潤。目前尚不清楚它是否會管理大量清算。

Hyperliquid may also come under legal scrutiny after it was accused of facilitating crime. According to ZachXBT, one of Hyperliquid’s biggest traders has been accused of using stolen funds.

在被指控促進犯罪之後，高流動性也可能受到法律審查。根據Zachxbt的說法，超級流動性最大的商人之一被指控使用被盜資金。

The Bullish Case for HYPE Price

炒作價格的看漲案例

There are a few reasons why the Hyperliquid price will bounce back. Fundamentally, Hyperliquid has continued to grow its market share in the past few months. It has handled over $29 billion in perpetual futures trade in the past seven days, bringing the cumulative total to $1.13 trillion. This gives it a 59% market share in the industry.

超流利價格會反彈的原因有幾個。從根本上講，在過去的幾個月中，超流動性繼續增長其市場份額。在過去的七天中，它處理了超過290億美元的永久期貨貿易，使累計總額達到113萬億美元。這使其在該行業中佔59％。

Jupiter, the second-biggest player in the sector, handled $4.05 billion in the same period. Other players like ApeX Protocol, Vertex Edge, dYdX, and GMX, which have long dominated the industry, have lost their market share.

木星是該行業的第二大球員，同期處理了40.5億美元。長期以來一直在整個行業主導的Apex協議，Vertex Edge，DyDX和GMX之類的其他參與者已經失去了市場份額。

The other potential catalyst is that HYPE developers know that the token unlocks are a real issue. As a result, the network has introduced cash burns and token buybacks from the substantial fees it earns. In most cases, the network makes over $4 million a day, of which some of these funds go to buybacks and burning, which reduces the tokens in circulation.

另一個潛在的催化劑是，炒作開發人員知道令牌解鎖是一個真正的問題。結果，該網絡從其賺取的大量費用中引入了現金燃燒和代幣回購。在大多數情況下，該網絡每天賺取超過400萬美元，其中一些資金用於回購和燃燒，從而減少了流通的令牌。

Further, the HYPE price will bounce back as other crypto prices rebound. Such a move will directly impact the HYPE token and the Hyperliquid ecosystem.

此外，隨著其他加密價格反彈，炒作價格將反彈。這樣的舉動將直接影響炒作令牌和超流動生態系統。