$HYPE I don't think this is a pretty looking chart. Onchain perpetual trading is a brilliant idea, and Hyperliquid has executed it better than anyone. But most of the time there's a disconnect between how good a protocol is and how the token actually performs. Yes, trading fees go towards buybacks. That's good tokenomics on paper. But most HYPE tokens were airdropped, which means the cost basis of most holders is effectively zero. When holders have nothing at risk, conviction is weak and the path of least resistance is to sell into any strength. Layer on top of that a vesting schedule that extends all the way into 2027, and 38.89% of total supply still earmarked for future emissions and community rewards. That's nearly 400 million tokens that haven't even hit the market yet. Buybacks are fighting a war on multiple fronts: zero cost basis sellers, insider unlocks, and a future emissions could dwarf anything the fee mechanism can absorb in the near term. tl'dr - Love the protocol, not the token. I'd be interested below $20.

To answer some of the replies collectively: If I was a smart whale, I'd simply provide liquidity to HL, go delta neutral elsewhere, farm $HYPE coins for almost no risk, hedge them at a price point I like and move on with my day. Why would I pay for coins that I can receive for almost free? But that's just me. You guys clearly understand this stuff better than I do :)