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$HYPE turned slightly green today, hovering around $92, down 2% for the day. From a historical low of $3 to $92, the faith holders of this coin are truly strong. Hyperliquid is the leader in on-chain perpetual DEXs, with its own L1, handling fees and buybacks internally, and its business model is cleaner than most meme coins. Breaking down the fundamentals: circulating market cap is about $20.5 billion, 24-hour volume is $1.2 billion, with sufficient depth. The platform uses fees to buy back HYPE, and this kind of exchange money-printing narrative is popular in both bear and bull markets. There were even rumors of launching its own stablecoin, so the potential is not capped. However, today Bitget was hacked for $352 million and suspended withdrawals, shaking trust in centralized exchanges again. Although Hyperliquid is on-chain and unaffected, the overall market risk appetite is dragged down, and HYPE was mistakenly sold off along with it. $92 is the pivot, $90 is short-term support, breaking below $85 would look bad; above, watch volume at $95 and $100. RSI is falling from a high, so those chasing highs should wait. Looking at the moat: Hyperliquid’s HLP treasury acts as the counterparty to collect fees, and its perpetual trading volume consistently crushes many CEX on-chain products. This closed loop prints money even in a bear market. But with a valuation of $20.5 billion, the Bitget incident has sparked doubts about centralized trust that will spill over into the entire trading sector. DEXs really do print money themselves, but when the market catches a cold, they sneeze first—don’t go all in.