尽管网络量和市场份额增长，但过滤（HYPE）代币价格却崩溃了

在过去的几周中，超流动的代币价格崩溃了，即使网络的数量增加并且其市场份额上升。炒作价格已从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.

在过去的几周中，即使网络的数量增加并且其市场份额上升，过去几周中的超流动性（炒作）代币价格也崩溃了。

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.

炒作价格已从12月的35美元下降到14美元，导致46亿美元的消灭，因为市值从90亿美元下降到47亿美元。

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.

由于比特币和大多数Altcoins都下降，Hyplliquid的代币由于正在进行的加密货币崩溃而崩溃。比特币今年的最高水平下降了23％，这意味着它已经进入了熊市。熊市被定义为一种情况，资产从当地顶部下降至少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.

由于其当前和未来的稀释，炒作价格从历史上的高度崩溃了，这将持续很长时间。根据CoinMarketCap的数据，现在有3.33亿次炒作，总供应量为9.999亿个令牌。通常每个月都会解锁超过433,000个令牌，该过程将持续到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.

令牌解锁是高度稀释的，因为它们在买家数量增长的时候增加了代币的供应。

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，由于对网络是否可以有效管理大规模市场崩溃的担忧，炒作价格已经崩溃。作为永久性DEX平台，Hyproliquid以其使用杠杆作用而闻名。例如，Coinglass数据表明，一只鲸鱼对以太坊的短贸易利用了1.51亿美元，并且已经赚了7000万美元的利润。目前尚不清楚它是否会管理大量清算。

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.

在被指控促进犯罪之后，高流动性也可能受到法律审查。根据Zachxbt的说法，超级流动性最大的商人之一被指控使用被盗资金。

The Bullish Case for HYPE Price

炒作价格的看涨案例

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.

超流利价格会反弹的原因有几个。从根本上讲，在过去的几个月中，超流动性继续增长其市场份额。在过去的七天中，它处理了超过290亿美元的永久期货贸易，使累计总额达到113万亿美元。这使其在该行业中占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.

木星是该行业的第二大球员，同期处理了40.5亿美元。长期以来一直在整个行业主导的Apex协议，Vertex Edge，DyDX和GMX之类的其他参与者已经失去了市场份额。

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.

另一个潜在的催化剂是，炒作开发人员知道令牌解锁是一个真正的问题。结果，该网络从其赚取的大量费用中引入了现金燃烧和代币回购。在大多数情况下，该网络每天赚取超过400万美元，其中一些资金用于回购和燃烧，从而减少了流通的令牌。

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，随着其他加密价格反弹，炒作价格将反弹。这样的举动将直接影响炒作令牌和超流动生态系统。