HYPE (Hyperliquid) decreased by 1.33% in the last 24 hours

Gate News Bot Message, November 13th, according to CoinMarketCap data, as of press time, HYPE (Hyperliquid) is trading at $38.32, down 1.33% in the past 24 hours. The price reached a high of $43.24 and a low of $37.64 within the same period, with a 24-hour trading volume of $425 million. The current market capitalization is approximately $12.9 billion, a decrease of about $174 million from yesterday. HYPE is currently ranked 11th in the cryptocurrency market cap list.

Recent important news about HYPE:

1️⃣ Hyperliquid Platform Suspected of Malicious Manipulation Recently, someone used POPCAT trading to deliberately interfere with Hyperliquid platform operations. The manipulator withdrew 3 million USDC from the exchange and distributed it across 19 wallets, then rapidly bought and sold large amounts of POPCAT, causing Hyperliquid to take over positions and incur losses of approximately $4.9 million. This incident highlights security challenges faced by decentralized trading platforms and could impact investor confidence in the HYPE ecosystem.

2️⃣ Platform Temporarily Suspends Deposits and Withdrawals for System Maintenance Hyperliquid officially announced that it is performing system maintenance and has temporarily halted deposit and withdrawal functions. This move may be a direct response to the aforementioned manipulation incident, aiming to enhance platform security and stability. While it may affect user experience in the short term, it is beneficial for the platform’s overall security in the long run.

3️⃣ Large Institutions Continue to Increase HYPE Token Holdings Notable investment firm Paradigm recently staked 14.7 million HYPE tokens, valued at approximately $581 million, and transferred 3.02 million HYPE to Hyperevm. Additionally, Paradigm currently holds 1.41 million unstaked HYPE tokens. This indicates that major institutional investors remain confident in HYPE, potentially supporting the token’s price.

From a technical perspective, HYPE faces resistance around $43 and is currently hovering near $38. Investors should watch whether the support level at $37–38 can hold effectively. Fundamentally, despite the security incident, continued institutional investment may provide some support for HYPE. However, the platform’s service suspension could lead to short-term volatility.

This message is not investment advice. Please be aware of market risks when investing.