Hyperliquid still rules the perps market with about $7.7B in open interest, but its $HYPE token has retreated roughly 22% from its September record near $98, per Bitcoin.com.

$HYPE is $76.91 (+2.5% today). A platform can win on volume while its token trades lower: usage and price don't always move together.

Is $HYPE a dip to buy or a top that already happened? 👇

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