The Perpetual trading market is having a massive year, crossing the $1 trillion volume mark. Yet, a paradox is unfolding Activity is surging, but the market leader token price is faltering.
š¹ The landscape is no longer one sided. New player like Lighter (capturing ~28%) and Aster ($ASTER ~19%) are carving out significant slice. However, $HYPE remain the dominant king, controlling over 50% of the user base.
šø Despite it dominance, $HYPE fell 13% over the past week, trading below key moving average.
ā¢ The merger with Sonnet $265M bid briefly pumped the token to $35 before a sharp rejection.
ā¢ The drop appear sentiment driven rather than fundamental, reflecting a disconnect between platform usage and trader conviction in the token price.
š¹ Trader are fleeing despite the price dip.
ā¢ Open Interest : Remain steady in the $1.28B ā $1.29B range.
ā¢ Funding Rates: Slightly positive, indicating a continued lean toward long positioning.
The current dip look more like hesitation than a long term trend shift. With strong DAT participation, the downside could be limited.
Do you see this as a buy the dip opportunity for HYPE, or is the market signaling a deeper issue?
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