HYPE, the native token of the Hyperliquid decentralized trading platform, is currently defending a critical support area as the protocol expands its buyback and burn initiative. Over the past 24 hours, Hyperliquid has reportedly burned 10,400 HYPE tokens, valued at approximately $956,800, at a volume-weighted average price (VWAP) of $91.97. This latest transaction brings the total number of HYPE tokens burned to 48.96 million, representing about 4.90% of the project’s maximum supply.
Protocol revenue and supply dynamics
Hyperliquid’s ongoing burn mechanism aims to reduce token supply while supporting the HYPE market. The project’s 30-day protocol revenue reached $58.27 million, providing financial resources to sustain the buyback activity. While reducing supply can influence HYPE’s price dynamics, continued upward movement is not guaranteed, as price also depends on demand, market sentiment, and broader liquidity conditions.
The protocol’s ability to generate significant revenue underpins its buyback operations. In the past month, substantial inflows have allowed the platform to accelerate token burns, further shrinking the circulating supply.
| Metric | Latest Value |
|---|---|
| HYPE burned (latest) | 10,400 tokens ($956,800) |
| Cumulative HYPE burned | 48.96 million |
| Maximum supply burned | 4.90% |
| 30-day protocol revenue | $58.27 million |
| VWAP (24h) | $91.97 |
Mini dictionary: Hyperliquid is a decentralized perpetuals exchange known for its orderbook-based trading, buyback and burn mechanics, and high throughput design serving traders globally.
Technical outlook and support levels
From a technical perspective, the $89–90 range has become an important support area for HYPE. Analyst Giannis Andreou notes that this zone previously acted as resistance but now functions as support due to recent price action. He describes buyers defending this level, suggesting a possible transition where former resistance becomes new support—a common occurrence in trading that can signal a bullish continuation if sustained.
The analysis points out that holding the $89–90 area could preserve the current bullish structure, while a breakdown below this level would prompt traders to reconsider their strategies rather than assume a continued uptrend.
If HYPE holds above this support, Andreou highlights the upper trendline as the next technical objective. Clearing the relevant highs could place the token into price discovery, potentially attracting further market attention.
Burns, support, and the road ahead
Hyperliquid’s approach hinges on reducing supply through buybacks while maintaining strong protocol revenue. The immediate challenge for HYPE is to hold the $89–90 support area. Sustaining this zone would keep the resistance-to-support flip scenario in play and shift focus toward higher levels on the chart.
Market conditions remain pivotal. If buyers lose control of the $89–90 region, the technical setup weakens, and short-term market participants may look for support at lower levels. The number of tokens burned and ongoing revenue will continue to influence sentiment and trading strategies in HYPE.
The combination of significant HYPE burns, robust protocol revenue, and buyers maintaining support forms the primary narrative for market participants as they assess Hyperliquid’s ongoing developments.
As both fundamental and technical signals interact, traders and observers are closely watching whether current support levels hold and if the protocol’s token-reduction policy can continue to affect price discovery in HYPE.
