Hyperliquid has permanently removed 49.87 million HYPE tokens from circulation, representing 4.99% of the initial maximum supply of one billion units and a theoretical value of nearly $3.9 billion. Trading fees fund this mechanism: the platform automatically buys back HYPE, stores it in an assistance fund without a private key, and then burns it following a validator vote. At the current price, the token trades around $79, down 3% over 24 hours and 19% below its historical high of $98. Its market capitalization is close to $19 billion, although the burns have not yet been enough to support its price.
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