Hyperliquid's HYPE token experienced a significant price fluctuation following the announcement of its support for prediction markets under HIP-4. Initially, the token surged over 20%, surpassing the $37 mark, as investors reacted positively to the news. HIP-4 introduces fully secured outcome contracts, eliminating liquidation risks and enhancing prediction market functionality. However, the token's price quickly reversed, dropping by 23% as the broader crypto market faced downward pressure. This rapid decline suggests the occurrence of a 'buy the rumor, sell the news' effect, where investors capitalized on initial gains before selling off. The HYPE token is now trading around $29, with potential further declines to $24.3 if it falls below the $28.5 support level.
Hyperliquid's HYPE Token Drops 23% After Initial Surge on Prediction Market News
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