>>60568464LINK tokens have a legitimate value. They are used every day for transactions thus placing demand on the token. The value is then determined by corresponding supply.
HYPE tokens are governance tokens primarily, meaning there is still going to be some level of demand but much less. Price would still affected by supply.
However in clown market demand is often twitter "influencoor" and cabal manufactured via retail propaganda and influence, so the speculative values (which all assets are valued at) are thrown far out of whack from their fundamental values. A LINK token has proportionally much greater fundamental value than a HYPE token, but the HYPE speculative value is significantly higher because of market manipulation, which is only capable of being done in a market with such low liquidity.
If/when crypto markets receive real capital inflow, as we currently see happening with Bitcoin and ETH due to ETFs, and will likely see continue with legitimate alts as banks and financial asset managers clear regulatory hurdles, the ability to manipulate asset price to such extremes will no longer exist, and fundamental value will play a much stronger role in the speculative value as it does for stocks.
In that world, Chainlink is worth probably 1000-2000x what Hyperliquid is, or more. I don't think this means LINK is worth $38,000, I think more realistically HYPE goes close to $0.