SpaceX-Linked Pre-IPO Contracts Plunge 45% Amid Oracle Issues

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 day ago

Explore Agentic TradingLet AI Trade for You

Contract Crash Impact: The SPACEX-USDH contract plummeted 45% in just 30 minutes, triggering liquidations that wiped out $25.27 million in positions over the past 24 hours, raising concerns about market liquidity and potentially undermining investor confidence.
Severe Liquidation Events: The incident resulted in 2,830 users being liquidated, with $1.58 million in margin or collateral lost, highlighting the vulnerability of retail traders operating in a high-leverage environment and exacerbating market instability.
Data Issues Triggering Risks: Ventuals attributed the crash to faulty data from Notice.co related to SpaceX's recent 5-for-1 stock split; although the project has patched the oracle and plans compensation within 48 hours, market confidence in pre-IPO contracts remains shaken.
HYPE Price Rebound: Despite the SPACEX-USDH crash, HYPE token traded around $62.46 on May 29, up 8.17% in 24 hours, indicating strong market demand for the Hyperliquid platform, which remained unaffected by the contract's decline.

Get Real-Time Alerts for Any Crypto Movement

Monitor assets like HYPE with instant alerts on price breakouts and whale movements. Don't let a 24/7 market leave you behind.

Technical Analysis for HYPE

Technical Sentiment Analysis for Hyperliquid (HYPE). As of , Hyperliquid (HYPE) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 4 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for HYPE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, HYPE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Hyperliquid (HYPE) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	40.422	47.249	53.908	60.735	67.394	74.221	80.88
Fibonacci	47.249	52.4	55.583	60.735	65.886	69.069	74.221

About HYPE

Hyperliquid represents a cutting-edge blockchain platform, specifically designed to enhance the efficiency and performance of decentralized finance (DeFi) applications. At its core, Hyperliquid introduces a novel Layer 1 (L1) blockchain that is meticulously engineered from the ground up to optimize performance and scalability. This optimization is largely attributed to its proprietary consensus mechanism, HyperBFT, which plays a pivotal role in ensuring rapid transaction finality and robust security measures.One of the standout features of Hyperliquid is its focus on decentralized perpetual exchange services. This platform facilitates perpetual futures trading directly on its native L1 blockchain, setting itself apart by eliminating gas fees for transactions. This approach not only reduces the cost barrier for participants but also significantly enhances transaction speed and efficiency.Hyperliquid's architecture boasts a fully on-chain order book, a rarity among decentralized exchanges (DEXs), which typically rely on off-chain order books to manage trades. This on-chain approach ensures greater transparency and security, as all transactions are verifiable on the blockchain.The development team behind Hyperliquid is composed of individuals with impressive backgrounds, including alumni from prestigious institutions such as Harvard, Caltech, and MIT, and professionals with experience in notable companies within the tech and financial sectors. This diverse and skilled team underscores the project's commitment to innovation and excellence.Notably, Hyperliquid is a self-funded initiative, emphasizing its independence and dedication to its vision without the influence of external capital. This autonomy allows for a focused development process, tailored to the needs and expectations of the DeFi community.In summary, Hyperliquid aims to revolutionize the DeFi space by offering a high-performance, cost-effective, and transparent platform for perpetual futures trading. Its unique combination of a custom L1 blockchain, zero gas fees, and a fully on-chain order book positions it as a promising player in the blockchain and cryptocurrency ecosystem. As with any investment in the crypto space, individuals should conduct thorough research to understand the risks and potential of the platform.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

Let AI Trade for You

Auto Trading Task on HYPE?

Get Started Free