The HYPE token has pulled back to around $52, a level that Blockworks Research analyst Shaunda Devens considers more aligned with the protocol’s actual fundamentals after a rally driven by massive purchases from digital-asset treasury Hyperliquid Strategies (PURR). This entity accumulated 11.12 million HYPE, representing nearly 10% of the circulating supply, the largest share held by any such treasury in the entire sector. The AQAv2 upgrade, which routes the majority of stablecoin reserve-yield revenue toward HYPE buybacks, had fueled the bullish momentum alongside these treasury flows. July revenue came in at $43 million versus $92 million a year earlier, a contrast the price is now beginning to reflect.
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