HYPE Price Slumps as Treasury-Driven Rally Unwinds

Hypers (HYPE) token has seen its price surge to around $55, up about +5% in 24 hours, but this bounce leaves it far off its former highs. Analyst Shaunda Devens notes that this rally was not built on earnings power and the market is now pricing in this reality.

The HYPE price increase was driven by concentrated treasury buying from Hyperliquid Strategies (PURR), which accumulated 11.12 million HYPE tokens, worth over $100 million weekly. This buying campaign made up nearly 10% of HYPE's circulating supply and created artificial scarcity, influencing the token's price momentum.

Devens cautions that traders will likely take profits once buying slows down. The revenue picture is also concerning, with Hyperliquid's July 2026 revenue coming in at $43M, a decline of more than 50% from July 2025's $92 million.