Hyperliquid burns 37.51 million HYPE tokens worth $912M as price hovers near $24

Hyperliquid’s governance approved a burn of 37.51 million HYPE tokens, valued at over $912 million, cutting an estimated 11‑13% from the circulating supply. HYPE is currently trading around $23.942 after a sharp pullback from the $50 area, and the deflationary move has coincided with rising spot outflows and stronger bullish moves that could support a rebound toward $30–$40 or, if it fails, a drop below $20.