Hyperliquid ($HYPE), once the darling of decentralized perpetual exchanges, is facing a coordinated attack. A massive whale has opened a record-breaking short position against the token, just as competitors like Aster begin to steal market share.
Hyperliquid is suffering from a "Post-Airdrop Hangover". Much of the initial activity was mercenaries farming the airdrop; now that it’s over, liquidity is leaving. The massive whale short indicates "Smart Money" is betting on a significant valuation reset. Competitors are also undercutting Hyperliquid on fees, creating a mechanical drain on the protocol.
This is a test for the "Appchain" thesis. If a chain built specifically for trading fails to maintain its lead, it suggests general-purpose chains like Solana are better for DeFi long-term.
The $25 level is critical support that must hold. If the price pumps from here, it could trigger a massive squeeze against the shorting whale.
It's a battle of Product-Market Fit versus Mercenary Capital.
A whale is shorting Hyperliquid. Do you bet with the whale or squeeze him out?
#Hyperliquid #HYPE #DeFi #CryptoTrading
