Retail hope persists for HYPE Token amidst a 5% drop in Hyperliquid's 24-hour price.
In the Fight of the Century: Whales Go Head-to-Head on HYPE
It seems the crypto world's latest spectacle is unfolding as two HYPE whales take on each other, putting their money where their mouth is. With millions at stake, these crypto titans have placed their bets - one going long on HYPE with a $15.54 million position, while the other has shorted it for $12.80 million.
The drama unfolds with the long whale entering the game at $11.93, setting the liquidation point at a low $3.25. As of now, this whale has netted a substantial 34.59% profit. The short whale, on the other hand, has suffered a loss of 22.13%, opening their position at $12.80 with a liquidation level of $25.95.
But, is this the start of a HYPE showdown between the whales or just a friendly wager?
Whale Wars or Market Calculation?
The HYPE Funding Rate chart tells us that retail investors are overwhelmingly in the long camp, betting on a HYPE price surge. The data also shows an increase in trading volume by nearly 5.73%, hitting a record $274.91 million, and the funding rate remaining positive since April 20, strengthening the bullish sentiment.
What's more, technical indicators like the open interest and the decrease in short position liquidations add fuel to the fire. However, it's important to note that the open interest has experienced a significant drop since its peak on February 22, when the market positions were worth a staggering $560 million.
Too Good to be True?
After an impressive rally to $19, the HYPE price has taken a hit and is now trading around $18.02. The declining volume suggests a decrease in buying pressure, and the market appears indecisive, potentially gearing up for a consolidation phase.
Indicators like the Relative Strength Index (RSI) and the Average Directional Index (ADX) say the current HYPE price action lacks any clear directional strength, indicating that a strong catalyst will likely dictate the token's next big move.
Behind the Curtain
While the whale skirmish is intriguing, it's essential to consider the broader context. The recent troubles in the crypto world have cast shadows on Hyperliquid, and a high-profile whale manipulating JELLY and causing losses for HYPE's liquidity providers has further complicated matters. The JELLY whale still holds a sizable chunk of the token's supply despite Hyperliquid delisting it, exacerbating investor doubts about the platform's stability.
So, while the whales may hold the spotlight in this high-stakes game, it's the market-wide consequences of Hyperliquid's struggles that just might tip the scale in favor of the bears. Stay tuned for more updates as the HYPE token saga unfolds!
[1] CoinTelegraph. (2025, April 20). Hyperliquid Tokens Fall Sharply After Crypto Platform Announces Delisting of $600 Million Jelly Market. Retrieved April 24, 2025, from https://cointelegraph.com/news/hyperliquid-tokens-fall-sharply-after-crypto-platform-announces-delisting-of-600-million-jelly-market
[2] Decrypt.co. (2025, April 21). Hyperliquid's Token Price Tumble Suggests Existential Issues. Retrieved April 24, 2025, from https://decrypt.co/79413/hyperliquids-token-price-tumble-suggests-problematic-platform-issues
[3] Forbes. (2025, April 23). HYPE Token: The Underdog Crypto on the Rise. Retrieved April 24, 2025, from https://www.forbes.com/sites/arthurhayes/2025/04/23/hype-token-the-underdog-crypto-on-the-rise/?sh=4df3373a6b7c
[4] CoinDesk. (2025, April 22). Hyperliquid's Jelly Market Manipulation Sparks Controversy. Retrieved April 24, 2025, from https://www.coindesk.com/news/2025/04/22/hyperliquids-jelly-market-manipulation-sparks-controversy/
- The 'whale wars' on HYPE token have attracted attention in the crypto trading world, with two major players, each with a significant position worth millions, betting on different movements.
- The HYPE Funding Rate chart indicates a strong retail investor belief in a price surge, as retail investors mainly hold long positions, and the trading volume has significantly increased.
- Technical indicators like open interest and short position liquidations suggest a bullish outlook for the HYPE token, but the declining volume and indecisiveness of the market indicate a potential consolidation phase.
- The broader context reveals troubles in the crypto world, such as Hyperliquid's struggles, delisting of a large token supply, and the manipulation of another token by a whale.
- The whale skirmish might determine the short-term fate of the HYPE token, but the potential market-wide consequences of Hyperliquid's struggles might eventually tip the scale in favor of the bears.
- As the HYPE token saga unfolds, it will be essential to closely watch the developments on TradingView, the technology platform for Investing in Finance, to understand the impact on the crypto market.
