Hyperliquid's HYPE Token Slumps Below Peak After $1.2B Token Unlock

Hyperliquid's HYPE token has dropped below its peak price of $86.71 after a significant scheduled token distribution. The release of 14.18 million tokens, valued at approximately $1.2 billion, caused downward pressure on the market.

The HYPE token is currently trading at around $82.92, with a total market capitalization of over $20.87 billion. This represents a 3.98% gain over the past 24 hours.

According to Crypto Patel, a market analyst, the inability of HYPE to surpass the $87 threshold could lead to a potential price drop to as low as $60 or even $50.