Hyperliquid is erasing $1 billion in token supply, but the market is still punishing the wrong metric

Hyperliquid is learning how quickly sentiment can turn in crypto. According to CryptoSlate data, HYPE, the token that powers the decentralized perpetuals exchange, has dropped to seven-month lows in December after a year in which Hyperliquid looked like the default venue for on-chain leverage. source: https://cryptoslate.com/hyperliquid-is-erasing-1-billion-in-token-supply-but-the-market-is-still-punishing-the-wrong-metric/