Hyperliquid's Treasury-Fueled Momentum Fades Amid Revenue Drop

The Hyperliquid (HYPE) token has experienced a significant price drop of over 50% in revenue, exposing the limitations of its treasury-fueled momentum.

The token's price surge was driven by concentrated treasury buying from Hyperliquid Strategies (PURR), which accumulated over $100 million worth of HYPE tokens and held nearly 10% of the circulating supply.

However, analysts have cautioned that this rally was not built on earnings power or expanding protocol fundamentals, and once the bid stopped, unwinding was inevitable.