HYPE price double bottoms as Hyperliquid volume plunges

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The Hyperliquid token dropped to a crucial support level as volume on its perpetual decentralized trading platform slumped.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Hyperliquid dropped to a low of $12.10, a notable level since it was its lowest level on March 13. Its market cap has dropped from over $9.7 billion in December to $4.43 billion. Data shows that the volume of cryptocurrencies traded on its network declined again in March.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

HYPE’s price also dropped amid criticism over how it handled Jelly, a new memecoin. A trader opened two long positions on JELLY worth about $4.1 million, then placed an additional $4.1 million short position against those longs. These trades pushed JELLY’s price up by 400%, resulting in a major loss for the Hyperliquidity Provider Vault.