Hyperliquid (HYPE) experienced significant volatility on July 28–29, 2026, as a flash crash in the platform's SK Hynix perpetual contract sparked cascading liquidations and broader weakness across the token. HYPE fell to $54.82–$55.47 during the worst of the decline, representing an 8–9% single-day drop, before stabilizing near $55.09 by July 29. Over the past seven days, the token has retreated 9.34% from its weekly high of $60.85 set on July 22.