Bitcoin (BTC) remains below $83,000 and most altcoins are bleeding. However, HYPE Coin remained strong compared to the overall market and even recently tested the critical $35 resistance. CZ is making statements, many analysts say the HYPE rise is linked to 10/10. So what’s actually happening?
Why Did Hyperliquid (HYPE) Rise?
Trying to protect $28 HYPE Coin If it had not experienced the recent rise, it would probably be stalling at $15-16. Despite the massive BTC decline, it is still above the key support level for further uptrend.
In October, cryptocurrencies experienced a massive crash and many altcoins plunged to zero due to liquidity issues. Massive liquidations occurred, and Binance paid hundreds of millions of dollars in damages, saying “we feel responsible.” Recently, they have been heavily blaming CZ for this great collapse and altcoins falling to zero. Binance Founder CZ even shared posts about a coordinated attack against him.
OKX A lot is written and drawn against CZ on social media, from its CEO to global accounts. Today, Binance raised $1 billion from the SAFU fund. BTC He announced that he would take it. This move does not seem to have stopped the community reaction on social media.
CZ wrote this afternoon:
“FUD will not harm your goal. My followers have increased.
FUD harms the market (that is, everyone).
I/Binance are not selling meaningful amounts. My sale = I swipe my card and it’s worth $5 BNB being transformed/sent to the coffee shop.
I no longer manage Binance, but from what I know:
Binance converts only a portion of its revenues to cover its expenses. They are big net hoarders. Binance now also has a global regulator that can review every transaction on every account. Don’t be misinformed. Use your energy for positive developments for yourself.”
He wrote the following 14 hours ago:
“Not the first time, and it won’t be the last time.
We have been receiving FUD attacks since day one. I’ll cover this topic in tonight’s AMA, delving into the why and how. While our (self-perceived) “competitors” focus on us, we continue to build and grow.”
Hyperliquid may be the most serious Binance competitor to date. We mentioned that interest in DEX platforms may increase after the FTX crash and that the only obstacle for this is “user interface improvement”. In 2023, the Hyperliquid team achieved this and started the new era with its CEX-looking DEX.
At this point today, Binance exchange has a 10/10 campaign supported by its competitors. There are people who blame CZ and the Binance exchange for the October 10 crash and the subsequent dull markets. This caused Hyperliquid to feed on Binance hatred. So we can say that he gained a good advantage at this point.
How Many Dollars is HYPE Coin?
Supported by Binance hate, the price is also protected by the platform’s commodity and share listings. At the Davos economic forum, CRCL CEO praised Hyperliquid. More than just a DEX hyperliquid It turns into “something else”. That’s why we see many competitors like Aster and LIT trying to catch up with it one after another. New ones are on the way.
And of course, one of the reasons for the rise is that 90% of the 40 million token lock opening has been erased. Well HYPE The team is also aware of this process, which is extremely beneficial to them, and they put the wind in their sails as much as possible for maximum benefit.
Maintaining the $28 support in the short term may pave the way for the HYPE Coin price to reach $35 again. Then a new movement targeting $50 will begin. There are three scenarios before us.
- Despite all the conditions in its favor, the maximum that HYPE Coin can do is to maintain the key $28 support and it strives for this.
- Hyperliquid targets $25 again, fueled by both commodity open interest growth and Binance hatred.
- Hyperliquid fee revenues weaken as commodity price volatility stagnates, Binance The benefit of the hate ceases and as BTC is bearish, HYPE Coin falls to $23 and $21 with closes below $28.
If we are going to see a rise despite BTC, it must be more than just maintaining the $28 support and the big red candles of the last 2 days must turn green again.
