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HYPE buybacks lift Hyperliquid token to record high; risk seen from Binance revenue erosion

Hyperliquid’s HYPE token hit a record high on the back of large buybacks, but an analyst warned that intensifying competition with Binance could strain the fee revenue that funds repurchases. CoinMarketCap research head Alice Liu cited HYPE’s rise to $86 and said more than $400 million has gone into buybacks. She said higher network activity does not automatically lift prices and pointed to trading and liquidity shifting to Binance in RWA-linked perpetual futures.