Hyperliquid Burns HYPE Tokens as Markets Face Price Pressure

Hyperliquid just burned 32,770 HYPE tokens, a move designed to reduce the circulating supply. This comes as the platform sees its total value locked climb toward the $7 billion milestone, showing strong user activity despite recent volatility.

While the project fundamentals look busy, the price chart tells a tougher story. HYPE is currently testing the $78.50 support level. If this level fails to hold, traders worry that sellers could push the price lower in the short term.

The main question for market watchers is whether the increased burn activity can attract enough buyers to offset the current selling pressure. Traders should keep a close eye on the $78.50 mark to see if the bulls can regain control or if the asset faces more downside.