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Memecoin hype doesn’t seem to be cooling, and most launched coins disappear from the market in very short terms; in a most recent development, some blockchain analysts said the alleged manipulator of Jelly my Jelly memecoin still holds $2 million.
It is worth noting that an anonymous whale made over $6 million in profit by breaching the liquidation norms on Hyperliquid.
The hacker and bad had continued to trouble the crypto market, resulting in severe losses; the recent hack of Bybit became one of the scams that resulted in losses of more than $1.2 billion.
Does the breach pull the Hyperliquid trading price with greater force?
According to the data from CoinMarketCap, the price of the token Hyperliquid is down by 10.22% and is exchanging hands at $14.58, and in the past 24 hours, the market cap fell 10.27% and is $4.86 billion, yet the volume is up by roughly 400% and is $469.68 million.
The sudden growth in the volume mirrors the fear sentiment over the hyperliquid traders, which has likely initiated selling pressure and directed a price decline.
After seeing the price action, it is worth noting that the decline is not the primary reason behind it as the prices have been down by 18.76% in the past 30 days.
The press time trading prices of Hyperliquid are below the 20, 50, 100, and 200 exponential moving averages, with a decline of 47% in a quarter; on the Hyperliquid exchange, the spot trading volume was $378,843,970.
HYPE/USDC is one of the highest traded pair of the exchange, followed by UBTC/USDC and PURR/USDC, and on centralized exchange Bitget HYPE/USDT has a volume of $25,162,200, and on MEXC, the volume of HYPE/USDT is $522,316.
Scams and hacks might erode interest in crypto
Published reports on the cases of scams, hacks, and frauds in 2024, the crypto market has likely lost $9.9 billion in crypto. Looting techniques like pig butchering, romance scams, wire frauds, and smart contract hacks are some of the most used methods in the last year.
Today, March 27, 2025, it has been reported that Indian authorities have detained a group of people involved in a crypto scam worth $700,000. Some reports also note that losses in 2024 from crypto have exceeded $12.4 billion.
Back-to-back growth in scams and frauds in the crypto market the prices of crypto like Bitcoin, Ethereum, and Solana have seen a major decline as they are significant digital assets of the market.
Crypto-related services like ATMs have seen major issues in services, as scams concerning these services have reached new heights.
