币界网报道：Hyperliquid, a decentralized exchange (DEX), has seen significant trading volume but lacks corresponding hype and demand, raising questions about its bullish potential. Despite processing over $1 billion in daily volume recently, its native token (HL) has struggled to gain traction, trading below its all-time high. Analysts note that while Hyperliquid's infrastructure is robust, low social engagement and muted price action suggest limited retail interest. Market observers speculate whether upcoming protocol upgrades or broader DEX adoption could reignite momentum. The platform's focus on perpetual contracts and derivatives differentiates it, but competition remains fierce in the decentralized finance (DeFi) sector. Investors are watching for signs of sustained activity beyond short-term volume spikes.