The Hyperliquid exchange’s native token, HYPE, is having one of its best years ever. The asset has hit multiple all-time highs in 2026 and even entered the top 10 cryptocurrencies by market cap. However, HYPE has faced a steep 6.5% correction in the last week, according to CoinGecko data. Consequently, the asset has fallen out of the top 10 projects. Let’s discuss why Hyperliquid (HYPE) is down today and if it can rebound soon.
Why Is Hyperliquid Down Today?
While HYPE may be facing a correction right now, the asset has still maintained substantial gains in the 14-day, monthly, and yearly charts. HYPE climbed to an all-time high of $97.96 just six days ago, on September 23, 2026. The latest price dip could be due to investors booking profits after HYPE hit a new peak.
Another reason why Hyperliquid (HYPE) is down today is the general market dip. Bitcoin (BTC) has fallen to the $83,000 level after its recent rally to the $87,000 mark. Investors could be taking a bearish outlook on the cryptocurrency market after the Federal Reserve decided to raise interest rates by 25 basis points after its September FOMC (Federal Open Market Committee) meeting.
The larger cryptocurrency market has struggled to gain much steam for most of this year. Hyperliquid (HYPE), on the other hand, has mostly defied the trend. The trend divergence comes from a massive spike in users for the Hyperliquid exchange. Traders flocked to the exchange to trade oil futures on the platform after the US-Iran conflict broke out. The development led to a massive surge in fee collection which Hyperliquid uses to buy back HYPE coins. Increased buy backs led to a massive price spike.
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Hyperliquid (HYPE) saw another massive price spike after President Trump stated at his White House cryptocurrency event that the exchange may make its US debut very soon. A US launch could lead to HYPE breaching the $100 mark.