HYPE, linked to the "Hyperliquid" platform, has shown strong performance in the last quarter, recording an 80% rise, outperforming Bitcoin during the same period.
However, this surge in market cap doesn't necessarily reflect the underlying performance of the platform fully.
A recent report indicates that the valuation of the coin has become high compared to its revenues, with the price-to-sales multiple reaching record levels, at a time when valuations usually see a decline.
Quarterly fees for the platform have also dropped significantly, although they remain higher year-over-year.
Regarding activity, "Hyperliquid" still holds its leading position in the decentralized perpetual contract market, yet it has experienced a decline in some key metrics, such as decreasing open interest and falling inflows, with hundreds of millions exiting the network recently.
On the flip side, some indicators have shown positive signs, including an increase in active users and significant growth within HIP-3, which allows for the launch of sub-exchange platforms, contributing to a substantial increase in trading volume within this system.
Coin buybacks have continued to reduce supply, creating a deflationary pressure, but it hasn't been enough to offset the slowdown in some areas of activity.
Overall, HYPE$'s performance shows a divergence, where the price is advancing faster than the growth in usage and revenue, raising questions about the sustainability of this rise.
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