Key Highlights
- The Hyperliquid (HYPE) token has witnessed a 12% drop on a daily chart following the dip in the cryptocurrency market
- Major cryptocurrencies like Bitcoin and Ethereum have also suffered major drops after massive liquidations, wiping out billions of dollars of investments from the cryptocurrency market
- Native Markets has announced the staking of 800,000 additional HYPE tokens to qualify for the USDH stablecoin
On November 21, the Hyperliquid (HYPE) token experienced a significant price drop, with a 12% decline, causing its price to fall below $34.
This drop is seen as a major pullback in the cryptocurrency market following major liquidations. This liquidation has wiped out billions of dollars of investments.
Hyperliquid Falls as Bearish Sentiment Triggers Sell-Off
At the time of writing this, HYPE is trading at around $33.07 with a 12.33% drop in the price. Its market capitalization is around $11.13 billion, according to CoinMarketCap.
This downward trend follows its correlation with major cryptocurrencies like Bitcoin and Ethereum. First time in the last seven months, Bitcoin has plunged below $81,000, though it quickly recovered, and it is trading at around $84,573 at the time of writing.
Similarly, Ethereum was also pushed below $2,700, sparking panic in the crypto community.
According to a technical analyst, Ali, the token is preparing for a major move as it seems to be forming a head-and-shoulders pattern.
Today’s fall in Hyperliquid is seen as an overbought correction and impending supply pressure.
Despite the major price drop, this type of movement is considered normal for tokens of this nature. The initial correction has wiped out most early gains, potentially creating a phase where committed long-term investors begin to accumulate holdings. The current price environment is viewed as a critical setup period.
While the decline is critical, it may be establishing the foundation for a major future price surge, provided investor patience holds. For a deeper long-term outlook, readers can check the Hyperliquid price forecast.
Native Markets Boosts USDH on Hyperliquid with Major HYPE Stake
In the major development, Native Markets has staked an additional 800,000 HYPE tokens. This action has helped the platform to achieve a major milestone by qualifying USDH, a stablecoin, as an Aligned Quote Asset on the platform. The immediate effect of this qualification is a substantial reduction in execution costs for all traders using USDH to trade perpetual contracts.
The change directly lowers both maker and taker fees while simultaneously improving overall capital efficiency for users.
This milestone was made possible through a combined staking effort from Native Markets and other major ecosystem participants, including Smartest Money and Hyperion DeFi.
The market is viewing this coordinated action as a clear signal of growing institutional alignment and support for both the USDH stablecoin and the growth of the Hyperliquid ecosystem.
The direct benefits of this development are lower fees and deeper liquidity for traders.
Safepal, a major provider of crypto wallets, has announced a new native integration with Hyperliquid. This partnership will allow Safepal users to trade perpetual futures contracts directly within the Safepal wallet interface.
Users will be able to access leverage of up to 40X on major trading pairs, including Bitcoin and Ethereum.
Also Read: Coinbase Set to Open Spot Trading for Aster Token Tomorrow
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