Hyperliquid's HYPE token has fallen to a seven-month low, dropping over 4% in the past 24 hours to $29.24, as reported by BeInCrypto. This decline follows a significant reduction in the protocol's market dominance, which has decreased from nearly 70% to less than 20%, according to DeFiLlama. The drop has triggered over $11 million in liquidations, exacerbating market caution. The erosion of Hyperliquid's market share is attributed to competition from aggressive rivals like Aster and Lighter, which have attracted users with better incentives. Additionally, internal token movements have raised concerns, with Lookonchain reporting that team-controlled wallets unstaked 2.6 million HYPE, valued at $89 million. Despite restaking 1.08 million tokens, the market focused on the outflows, including 609,108 HYPE moved to Flowdesk and 1,200 tokens sold for USDC. These developments have led to a 30% drop in HYPE's value over the past month, making it the worst performer among the top 20 digital currencies by market cap.