HYPE’s 50% Revenue Drop Exposes the Limits of Hyperliquid Treasury-Fueled Momentum

The Hyperliquid (HYPE) token trades at around $55, up roughly +5% in 24 hours, a bounce that still leaves it well off the highs that once made it one of crypto’s standout performers.

The uncomfortable truth is that the rally was never built on earnings power, and the market is now seemingly pricing that in.

HYPE’s price surge was engineered by concentrated treasury buying, not by accelerating DeFi revenue or expanding protocol fundamentals, and once that bid stopped, unwinding was inevitable.

This drawback has left investors wondering whether HYPE really is the future of decentralized finance or if it will become the latest casualty in this brutal bear market, which has seen many utility-backed projects fall more than 90% from their all-time highs.