Crypto Market Under Tension: Tokens of Decentralized Exchanges Soar, While Hyperliquid Weakens

The crypto market is currently multi-faceted and once again demonstrates its volatility. While newly launched tokens from decentralized exchanges such as Aster, Avantis, and STBL achieved impressive growth rates of up to 147% over the weekend, Hyperliquid's HYPE token is experiencing a continuous downward trend. According to Illia Otychenko, senior analyst at CEX.IO, TradingView data indicates a significant shift in investor interest. The attention of major crypto players, also known as whales, seems to be moving away from Hyperliquid towards booming decentralized platforms. The HYPE token lost over 13% since its weekend high, dropping to an interim $47.83. On the prediction platform Myriad, operated by DASTAN, Decrypt's parent company, investors are now anticipating a further price decline for Hyperliquid. Initially, a price trend towards $69 was forecasted, but sentiment is now predominantly leaning towards a price of $39. This price correction is attributed by Peter Chung of Presto Research to profit-taking by experienced investors. This is reinforced by prominent sell-offs such as that by Arthur Hayes, founder of the BitMEX crypto exchange, who sold 96,600 HYPE worth approximately $5.1 million. A significant upcoming event is the release of 237.8 million HYPE tokens starting November 29, which could massively impact the supply side. This volume presents a considerable market challenge, even with existing buybacks and pressure from Digital Asset Treasury companies. Otychenko points out that Aster in particular might pose a risk. Over 90% of its supply is concentrated in a few wallets, making the token vulnerable to manipulation. Not least due to the support of Binance co-founder CZ, who gave Aster a nod of approval last week, the token is currently on the rise.