HYPE Prices Plunge After Binance Listing Amid Supply Concerns

HYPE's price dropped by 4.5% to $90.97 after Binance opened spot trading for the token on September 24.

The decline came despite strong activity on Hyperliquid's derivatives platform, where total open interest reached about $14.3 billion in early September.

Large holder transfers to exchanges raised concerns about potential selling pressure, with Multicoin Capital depositing another 130,331 HYPE tokens worth around $12.15 million into Coinbase Prime on September 24.

The Binance listing gives HYPE access to one of the world's largest centralized crypto exchanges, but it does not remove the supply question created by large-holder transfers.