HYPE Slips Under $55 As Hyperliquid Launches HIP 4 Testnet

The native token for Hyperliquid saw a sharp correction recently, sliding beneath the fifty five dollar mark. This downward price action follows the activation of permissionless HIP 4 deployments on the testnet. Traders are watching the network closely as these new upgrades roll out for testing.

Aside from the technical rollout, market conditions played a major role in the price drop. Large holders moved significant amounts of tokens, creating additional selling pressure across order books. Broader weakness in the crypto market also dragged the asset down alongside other major coins.

Market participants will be keeping a close eye on testnet progress for HIP 4 and how whales manage their holdings in the near term. If network activity picks up after the upgrade, sentiment around the token could shift quickly.