The decentralized exchange (DEX) Hyperliquid is facing serious turmoil. In just one day, $60 million in USDC outflows were recorded, and rumors are circulating that the North Korean hacking group is actively targeting the platform.
As a result, Hyperliquid's native token HYPE has also been affected. The value of this altcoin has plummeted more than 10% in the last 24 hours, and the downward trend is expected to continue.
Hyperliquid Outflow Occurs... Hacking Rumors Spread
On December 22, cybersecurity expert Tayvano posted on X, highlighting on-chain evidence suggesting an organized attack by North Korea on Hyperliquid. According to Tayvano, these hackers have been actively trading on the platform, and have incurred losses of over $700,000 since the start.
While Hyperliquid has not yet issued an official statement, the rumors have triggered widespread fear among users. This has led to a significant increase in fund outflows from the DEX. According to the Dune Analytics dashboard of Hashdao_Official, the USDC outflow from Hyperliquid today reached $61 million, a record high.
As expected, the sudden fund outflow is putting significant pressure on the price of HYPE, and it has experienced a sharp decline in the last 24 hours. Currently, this altcoin is trading at $29.22, recording a 15% price drop.
Furthermore, the trading Volume of HYPE has surged by 64%, reaching an all-time high of $671 million during the review period. This negative divergence between the token's price and Volume reflects the intensification of selling pressure.
When the price of an asset declines while its Volume surges, it indicates that many participants are selling the asset. In the case of HYPE, the rumors of the DEX hack are fueling this panic selling, exacerbating the downward trend as supply exceeds demand.
HYPE Price Forecast: Reclaiming the $29.93 Resistance Level is Crucial
At the time of reporting, HYPE is trading below the resistance level of $29.93. With the selling pressure intensifying, the token's price is likely to further decline to the support level of $26.12 formed in this zone. If the buying pressure fails to defend this level, the downtrend will continue, and the HYPE token price could fall to $22.32.
However, if HYPE successfully breaks above the $29.93 resistance level, the token price could rise to $35.35, invalidating the above downside forecast.
