HYPE token has faced a significant drop in value, slipping 15-16.57% within just 24 hours. This downturn has raised eyebrows regarding the centralization of HyperLiquid. A major point of concern is that HyperLiquid controls a whopping 81% of staked HYPE tokens.
The situation is further exacerbated as the token trades within a descending channel, testing the waters at the $21.59 support level. Prior to this decline, HYPE enjoyed an impressive 64.93% gain last month, showcasing its volatile nature and the unpredictable journey of this cryptocurrency.