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2.
To tell someone to relax, or chill. Usually used when someone is getting overexcited from something that isn't that big a deal.
Bill:wtf jack you asshole why the fuck didn't you just put the toilet seat down
jack:you sound like my wife fruitcake, dehype.
by dehype September 05, 2008
 
1.
To calm down yourself, or someone you know, when they are really excited about something to minimize the risk of being let-down or just in general stop talking about it.
Person 1: Oh my god, I can't wait until I get my hands on Grand Theft Auto V!
Person 2: You need to dehype or it will never live up to your expectations.
by boolProp August 20, 2013