an interesting dynamic about exchanges, including hyperliquid is that they still generate massive fees during market downturns and volatility actually a volatile market that keeps the price of hype suppressed will create a coiled spring hyperliquid uses 99% of revenue to buy back hype on the open market the longer hype is cheap due to macro volatility, the more hype the assistance fund buys the assistance fund operates like a black hole for hype, similar to just burning the tokens the af accumulates more and more hype, and eventually the coiled spring will be unleashed the more hype is accumulated the more velocity on the long term upward move in hype when macro improves there will simply not be enough hype available for sale hype is going to $200+ this is the easiest play in all of crypto nothing in crypto has ever found pmf like hyperliquid, and this is proven by the durability in fees just accumulate spot hype, stake it, and wait $200+ hyperliquid