HYPE has been hovering between 71 and 75 for the past three days. It's at 73.9U now. Elysium has launched, but the price hasn't reacted at all.
The two things mentioned in that post on the 9th now both have answers. It broke below 77 and still hasn't reclaimed it. The positive news clearly isn't enough to hold it up. Elysium really did launch on mainnet on the 9th and uses HYPE as gas, but so far I haven't seen any meaningful usage data. The market is acting as if it doesn't matter.
Trading volume has been picking up, though. The 24-hour trading volume has risen from $460 million on the 9th to nearly $1.2 billion. There's been heavy turnover, but the price just won't go up. Rising volume without a price increase makes it look like someone is constantly selling into the rally.
On CPI night, it dropped as low as 70.8—falling a bit harder than Bitcoin—and it's been underperforming Bitcoin these past few days.
So I'm still taking a wait-and-see approach. 75.3 was the high over the past two days; let's see if it can get back above that. The 77 level is the one it really needs to reclaim. If it breaks below 70.8, then even the round-number level of 70 won't hold.
If Elysium starts showing real usage data, I'll let you all know right away. #HYPE $HYPE
The two things mentioned in that post on the 9th now both have answers. It broke below 77 and still hasn't reclaimed it. The positive news clearly isn't enough to hold it up. Elysium really did launch on mainnet on the 9th and uses HYPE as gas, but so far I haven't seen any meaningful usage data. The market is acting as if it doesn't matter.
Trading volume has been picking up, though. The 24-hour trading volume has risen from $460 million on the 9th to nearly $1.2 billion. There's been heavy turnover, but the price just won't go up. Rising volume without a price increase makes it look like someone is constantly selling into the rally.
On CPI night, it dropped as low as 70.8—falling a bit harder than Bitcoin—and it's been underperforming Bitcoin these past few days.
So I'm still taking a wait-and-see approach. 75.3 was the high over the past two days; let's see if it can get back above that. The 77 level is the one it really needs to reclaim. If it breaks below 70.8, then even the round-number level of 70 won't hold.
If Elysium starts showing real usage data, I'll let you all know right away. #HYPE $HYPE
