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Hyperliquid removes $1.53 million of HYPE from supply as bitcoin falls to $69,000
The fee-funded buyback took 21,200 tokens out of circulation, and HYPE was the only top-ten coin to gain over 24 hours.
Key takeaways
- Hyperliquid bought back and burned 21,200 HYPE tokens in 24 hours, worth about $1.53 million.
- Lifetime burns have passed 5% of the token's supply, according to U.Today.
- HYPE traded near $74 while bitcoin was around $69,000 on 13 November.
- HYPE was the only token among the ten largest trading in positive territory over 24 hours.
- The buyback uses trading fees to buy HYPE on the market and remove part of it from circulation.
A buyback in a falling market
Hyperliquid bought back and burned 21,200 HYPE tokens in 24 hours, U.Today reported on 12 November, putting the value of the operation at about $1.53 million. The same report said total lifetime burns have now passed 5% of the token's supply.
The move came as the price of HYPE dipped below $70. On 13 November, CryptoTicker put the token at around $74 according to CoinGecko, while bitcoin traded near $69,000 after a sell-off.
How the mechanism works
Hyperliquid runs a buyback and burn programme tied to trading activity. According to CryptoTicker, the platform uses every trading fee to buy HYPE on the open market and permanently removes part of the purchased tokens from circulation.
That design means the size of each buyback depends on how much trading the platform handles. CryptoTicker notes that the mechanism has limits, without specifying them in the excerpt available.
The only large token in the green
Over the same 24-hour period, HYPE rose about 5%, CryptoTicker reported, citing CoinGecko data. It was the only coin among the ten largest trading in positive territory, while bitcoin was down around 5%.
CryptoTicker attributed the relative strength to the buyback and burn programme, which it said can support the price in a weak market in particular. The report also said market sentiment was dominated by fear.
Sources
2 reports- U.TodayHyperliquid Burns $1.53 Million in HYPE Tokens in 24 Hours Amid Price Dip
- CryptoTickerHyperliquid defies the crash as buybacks and burns support the HYPE price
This article was prepared by BattleTown Newsroom from the reports listed above.
Frequently asked questions
How much HYPE was burned in 24 hours?
Hyperliquid bought back and burned 21,200 HYPE tokens, worth about $1.53 million, according to U.Today.
How does the Hyperliquid buyback work?
According to CryptoTicker, the platform uses trading fees to buy HYPE on the market and permanently removes part of it from circulation.
How much of HYPE's supply has been burned in total?
U.Today reported that lifetime burns have passed 5% of the token's supply.
This story is for information only. It is not financial, investment or legal advice. Disclaimer
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