The rebound after the selloff in the last weeks of May has been heavily concentrated around perp exchanges and trading infrastructure.

Hyperliquid moving through $60 and dragging the entire perp sector higher tells me the market still rewards protocols with real fees, real usage, and clear revenue mechanics. At the same time, meme coins underperforming while AI tokens post mixed results makes the rotation feel much more selective than the broad speculation waves we saw earlier in the cycle.
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