HYPE worth $10.15 million was burned in a single day—ten times its fee revenue that day. Over the past 24 hours, Hyperliquid bought and burned 112,580 tokens at an average price of $90.20. Fees for the same period are estimated at $989,000, with 7-day revenue of $9.85 million.
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By this measure, the amount burned in one day is roughly equivalent to throwing an entire week’s revenue into the fire at once. A total of 49.25 million HYPE has now been permanently removed from circulation, worth about $4.45 billion. The tokens were bought using the platform’s own revenue, not new inflows from outside. The question, then, is: why did this happen only on this particular day? Was the $10.15 million a routine daily action, or did the platform burn accumulated revenue all at once?

Watch the amount burned over the next 24 hours. If it drops to around that day’s fee revenue—or below the $989,000 mark—that would show this is not a sustainable daily pace but a release of accumulated reserves, invalidating this assessment.
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