HYPE Price Defends Key Support as Hyperliquid Burns Nearly $1 Million

Hyperliquid's token burn continues to reduce HYPE supply, adding to its cumulative burns of 48.96 million tokens. This represents about 4.90% of the maximum supply. According to Onchain Lens, Hyperliquid burned nearly $1 million worth of HYPE over the past 24 hours at a VWAP of $91.97.

The burn removes HYPE from circulation and contributes to Hyperliquid's ongoing revenue generation. The protocol has earned $58.27 million in revenue over the past 30 days, supporting its buyback mechanism. This economic activity is crucial for maintaining demand and reducing available supply.

Analyst Giannis Andreou notes that the current HYPE price structure shows a key support area at 89-90. The token has pulled back into this region after previously acting as resistance. If buyers continue to defend this zone, the existing bullish structure could remain intact.