Light the fire: Johnny in an on-chain version. Hyperliquid has destroyed 49.87 million HYPE since its launch, or 4.99% of the maximum supply. At current prices, that’s almost $3.9 billion. The rest of the market opens in the red on Thursday, the day after Alphabet's results. The XRP Ledger wants unreserved wallets, and Bitmine prefers its own shares to ether. Only BNB is green among the old ones, two days after Polkadot's session below 1 dollar. Here is the altcoins update for this Thursday, October 29, based on a CoinGecko photo taken at 7:55 a.m. (Paris time).
Hyperliquid burns 5% of HYPE and Pump.fun plugs into it
The counter has crossed a symbolic threshold. The Hyperliquid support fund has accumulated 49.87 million HYPE destroyed out of a maximum supply of one billion tokens, according to Onchain Lens statements relayed by PANews on October 29. That's 4.99% of the total and about $3.89 billion at current prices. This fund buys back the token on the market with most of the platform's trading fees and permanently removes it from circulation. DeFiLlama estimates this share at over 97% of revenue.
The market did not reward the step. HYPE trades at $78.9, down 2.8% over 24 hours according to CoinGecko, for $18.9 billion in capitalization. Pump.fun, however, adds additional fees. Since mid-October, the memecoins launchpad on Solana has been routing perpetual contracts on BTC and ETH to Hyperliquid books, with leverage up to 40x. It goes through builder codes, a mechanism which leaves the third-party application a share of the commissions. Bankless documented the launch on October 16, with no official announcement from Pump.fun.
XRP wants zero wallets XRP and RLUSD arrives at Coinbase
Opening an account on the XRP Ledger today costs 1 XRP reserve, blocked as long as the account exists. A company that creates 100,000 wallets for its customers therefore locks in 100,000 XRP. CoinDesk spotted a pull request on October 28 (number 8606 on the rippled repository) which adds a SponsoredAccountCreate transaction. An existing account creates the new wallet and covers its reserve, without ever holding its private keys. The wallet starts with zero XRP and can directly receive stablecoins like RLUSD, with the sponsor also able to pay transaction fees. Developers are targeting payment apps and AI agents. The proposal remains experimental and depends on an unactivated sponsorship amendment, which had 11 validator votes as of October 19.
Coinbase listed RLUSD on the same day on its consumer app, Coinbase Exchange, and Prime. Deposits and withdrawals go through XRP Ledger, Ethereum and Base. Ripple claims more than $2.6 billion in capitalization for its stablecoin, rated A2 by Moody’s. The course does not follow. XRP lost 2.5% to $1.29, the biggest drop among the top five capitalizations.
Ethereum and Solana: Bitmine buys back its shares and Kamino lends to SpaceX
Tom Lee has changed priorities. In seven days, Bitmine purchased 10,452 ETH, for approximately $24 million. At the same time, the group bought back 2.04 million of its own shares at an average of $22.48, or $45.9 million. He published these figures in a press release on Monday October 26. The hoard reaches 6,051,933 ETH (4.95% of circulating supply and $14.3 billion), at 99% of the 5% target. Lee talks about “accretive” buybacks when the stock is undervalued. He maintains that a bull market is underway. However, ether is trading at $2,310 this morning (-1.7%), almost 15% below its recent peak.
On Solana, Kamino Finance opened a Backpack market on October 28 that accepts four tokenized stocks as collateral to borrow USDC. The borrowing limit is 30-40% of the deposited value according to The Defiant. Backpack already tokenizes SpaceX, Micron and SanDisk on Solana for 24-hour trading. Outside of Wall Street hours, the Kamino market maintains the last closing price. SOL falls to $99.9 (-1.9%), just below the $100 mark.
BNB and PEPE in the green while Litecoin stalls
BNB is an exception. It gained 1.1% to $752 and remains the only green in the historic core this morning. Litecoin lost 0.7% to $57.1, for $4.4 billion in capitalization. He didn't hold his rebound all night. On Tuesday, 24/7 Wall St calculated its fall at 21% over one month, more than four times the fall of bitcoin over the same period. Spot Litecoin ETFs have only raised $16.88 million since launch. The price remains below its 20-day ($60.50) and 50-day moving averages ($61.34). The 200-day average is lower at $52.11.
Further down the rankings, Polkadot remains below the dollar at $0.97 (-2.5%). Zcash fell 4.9% to $1,242, the day after its tenth anniversary. Finally, on the memecoin side, PEPE gained 6% over 24 hours to $0.000005, according to CoinGecko.
