Hyperliquid Burns $10.15 Million in HYPE Tokens in 24 Hours
Hyperliquid made a significant move in the cryptocurrency market by executing a $10.15 million buy-and-burn of its native token, HYPE. Over a 24-hour period, the platform acquired and burned 112,580 HYPE tokens at a volume-weighted average price (VWAP) of $90.20. The funds for this operation came from platform fees and revenue generated by AQAv2, as revealed in recent on-chain data.
The buy-and-burn mechanism is designed to reduce the circulating supply of HYPE, potentially increasing its value. Hyperliquid's 24-hour fees reached approximately $989,000, while its 7-day revenue hit $9.85 million. Over a 30-day period, the platform generated a total revenue of $52.06 million. The cumulative burned supply of HYPE now stands at 49.25 million tokens, valued at roughly $4.45 billion.
From a technical analysis perspective, HYPE is currently holding a bullish structure on the 4-hour chart. The token is trading above key moving averages, with the EMA50 at $89.47 and the EMA200 at $86.28. The MACD indicator confirms a golden cross at 0.41, suggesting strong upward momentum. However, the token is trading near the upper resistance of the Bollinger band at $91.68, with the RSI sitting neutral at 56.89. Analysts predict a measured pullback toward the 50-EMA support before any further upward movement.
The recent buy-and-burn event and positive technical indicators have sparked interest in the ongoing HYPE price prediction models. The burn mechanism is seen as a key factor driving the token's value, as reducing supply can create scarcity and potentially boost demand.