Hyperliquid (HYPE) Loses the $40 Level, While Ethereum (ETH) Rebound and Shiba Inu (SHIB) Gains Fail to Convince

The cryptocurrency market experienced a volatile day on May 13, 2026, marked by a collapse in trading activity and a massive sell-off across several assets. In this context, Hyperliquid (HYPE), a decentralized trading protocol (DEX) running on a layer 2, saw its price fall below $40, a key psychological threshold. Ethereum (ETH), the leading blockchain for smart contracts, attempted a technical rebound, but without significant volume to confirm a bullish trend. Shiba Inu (SHIB), a popular memecoin, also saw its rally lose steam, illustrating the fragility of speculative demand in an environment of reduced liquidity and persistent macroeconomic tensions. The facts Hyperliquid (HYPE) lost its $40 level, a critical threshold after a period of intense speculation. The protocol, designed to offer fast liquidations and high leverage, is now under selling pressure, reflecting a loss of confidence among traders. Ethereum (ETH) recorded a technical rebound, but without sufficient trading volume to validate a lasting recovery. Shiba Inu (SHIB), meanwhile, saw its rally weaken, despite the general enthusiasm for memecoins. The market was also marked by a substantial drop in trader and investor activity, leading to a massive sell-off. Oil prices rose above $105 per barrel, fueling fears of persistent inflation and a prolonged monetary tightening. No information has been disclosed on the exact volumes or whale movements that may have influenced these trends. The HYPE token, which reached highs in April 2026, is now under pressure, with its market capitalization declining. Why it matters The drop of HYPE below $40 could accelerate liquidations on leveraged positions, creating a domino effect on other decentralized trading protocols. Ethereum (ETH), often seen as a barometer of the market, could face selling pressure if the rebound is not confirmed by increased volume. Memecoins such as SHIB could also undergo a correction if speculation cools, while layer 2 solutions could see their trading activity decline. On the macroeconomic front, rising oil prices and geopolitical tensions, notably the closure of the Strait of Hormuz, could sustain inflationary pressure. This situation limits the prospects for interest rate cuts and, consequently, support for risky assets such as cryptocurrencies. Reduced market liquidity amplifies price movements, making assets like HYPE or SHIB particularly volatile. What to Watch Investors should pay attention to the trading volume on HYPE. A recovery in volumes could indicate a return of trader confidence. Likewise, the reaction of Ethereum (ETH) will be decisive: if the rebound is not accompanied by increased volume, this could signal structural weakness in the market. Finally, the evolution of oil prices and central bank monetary policy decisions will remain key factors for cryptocurrencies.