0xgreenninja

Coinbase est revenu sur l’un de ses plus gros paris produit le 10 septembre 2026.
En juillet 2025, ils ont pris Coinbase Wallet et en ont fait quelque chose appelé l’application Base. Pas seulement un portefeuille désormais, mais une « everything app » complète : trading, fil social, monétisation des créateurs, messagerie, mini-apps, paiements, identité, le tout dans un seul produit. C’est désormais terminé. L’application Base redevient Coinbase Wallet.
Alors qu’est-ce qui s’est réellement passé ?
Le PDG Brian Armstrong l’a essentiellement admis dès mars. Le volet social « n’a pas tout à fait fonctionné ». Ses mots.

Everyone's calling this a pump but It's not.
On September 21, HYPE hit its third all-time high in a week, touching roughly $96 — up about 16% in seven days, outpacing Bitcoin and Ethereum's much flatter moves over the same stretch.
But the price isn't the story. The business behind it is.
Hyperliquid runs a decentralized exchange for perpetual futures, built on its own blockchain instead of piggybacking on Ethereum or Solana. That's why it's fast and cheap to trade on.
Here's what I actually care about:
At its peak, it's controlled as much as ~80% of all decentralized perp trading volume (currently sitting closer to 44-58% as competition has picked up). It's made over $1 billion in real trading fees, not from printing new tokens. 292,000 people used it in a single month, an all-time high. And when they launched lending on Sept 18, people borrowed $269 million in the first 24 hours.
You can't fake 292,000 monthly users — that takes real product.
No VC money went into this. No private sale where insiders got in cheap. When it launched, roughly 31% of total supply went straight to users via airdrop. Most tokens crash when VCs dump their bags later. HYPE doesn't have that problem.
And here's the part most people miss: Hyperliquid uses its own revenue to buy back HYPE from the market. Over $1 billion bought back so far. Same logic as a company buying back its own stock. Fewer tokens, same business, more value per token left.
Now the risks, because I'm not here to sell a dream:
There's still supply left to unlock, which is real dilution risk. It's a leverage platform, so liquidations get ugly when markets crash. Competitors like Aster are growing, and Hyperliquid's dominance has already come down meaningfully from its 2025 peak. And US crypto regulation is still stuck in the Senate the CLARITY Act's cloture vote failed 49-50 on September 15.
I'm not saying buy it. I'm not saying don't.
What I'm saying is this isn't just another chart pumping because X is excited. There's real revenue here. Real buybacks. Real user growth, not just price.
Is $95 the top or a stop on the way to $100+? Nobody knows.
But the numbers behind it aren't a story someone made up.