HYPE price could suffer as Binance takes its revenue: Alice Liu
Token buybacks have pushed Hyperliquid to all time highs, but Alice Liu from CoinMarketCap warns that Binance poses a threat to the revenue stream it depends on to pay for them.
Token buybacks have pushed Hyperliquid to all time highs, but Alice Liu from CoinMarketCap warns that Binance poses a threat to the revenue stream it depends on to pay for them.
Despite Bitcoin failing to hold above $80,000 following the recent rally, the cryptocurrency is unlikely to revisit the lower price levels it has hovered near for much of this year, according to CoinMarketCap Head of Research Alice Liu.
“I think we might have already touched the bottom,” Liu tells Cointelegraph on Trade Secrets, referring to Bitcoin falling to around $59,000 in June this year, approximately 53% below its October all-time high of $126,100.
On the Hyperliquid token’s price, Liu points to a different driver. “Hype did hit an all-time high recently: $86. And what’s really interesting is the buybacks.” She explains that Hyperliquid is leading the pack in token buybacks, which is when a project uses its revenue to buy back its own tokens on the open market.