Altcoins today: Elon Musk drives GHIBLI’s craze, HYPE weakens on centralization concerns
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Cryptocurrencies stayed muted on Thursday as Bitcoin swayed around the $87K mark.
While altcoins flashed mixed performances, new meme GHIBLI and Hyperliquid attracted investor attention today.
Open AI and Elon Musk spark GHIBLI trend
Digital coin Ghiblification (GHIBLI) grabbed the crypto community’s attention due to its tech integrations and social media stimulus.
Ghiblification gained interest since Sam Altman unveiled the latest OpenAI’s image-generation functionalities on Tuesday.
The AI tool’s capability to recreate unique art related to a recognized Japanese animation triggered massive optimism across social media platforms.
OpenAI CEO sparked the hype with his AI-made portrait in a distinct animation style.
The hype escalated when Tesla’s chief joined the craze. Elon Musk shared his AI image featuring a Dogecoin amulet.
While neither of the CEOs endorsed any crypto, the developments renewed interest in digital art.
Bitget exchange has confirmed plans to list Ghiblification, with trading scheduled to start on March 27 at 22:00 UTC.
Will Ghiblification define the next era of crypto memes?
GHIBLI trades at $0.01741, down 30% on its daily chart as initial hype fades.
However, the 500% surge in daily trading volume underscored magnified trader activity.
HYPE loses $15 barrier amid JELLY saga
Hyperliquid has been on investors’ radar this week due to a $13 million market manipulation incident involving the JELLY coin.
A whale combined short bets and on-chain spot buyer to perform a complex trade that saw Hayperliquid’s AMM (automated market maker) suffer $13.5 million in unrealized losses.
HYPE validators reacted by voting to remove JELLY’s perpetual futures, forcibly closing all open positions and adjusting prices well below the current DEX rates.
The unilateral decision to delist JELLU and forced position closings saw Hyperliquid facing immense criticism.
Meanwhile, Hyperliquid defended itself, stating that delisting JELLY was essential to prevent a potential $240M liquidation that endangered its entire liquidity pool.
The protocol’s sixteen validators voted “Yes” for the move.
Hyper Foundation has promised to refund most affected users, excluding those suspected of malicious activities.
Nevertheless, the event has triggered debates on the level of centralization in decentralized finance (DeFi) protocols such as Hyperliquid, with a small cohort of validators deciding on significant conclusions impacting the entire community.
HYPE price actions
The JELLY delisting move catalyzed bearishness for HYPE prices.
The alt saw a sudden 15% hours after Hyperliquid’s move.
HYPE trades at $14.39, and the 64% decline in daily trading volume depicts faded investor and trader interest in the digital asset.
Hyperliquid’s coin lost the crucial $15 barrier, hinting at continued declines or prolonged consolidations.
While it remains under broad market influence, Hyperliquid’s ability to rebuild trust after JELLY’s incident will influence HYPE’s performance in the coming sessions.
The post Altcoins today: Elon Musk drives GHIBLI’s craze, HYPE weakens on centralization concerns appeared first on Invezz
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