Hyperliquid’s token Reaches New Heights with USDH Stablecoin Launch on the Horizon
The HYPE token has hit an all-time high of $59.39, soaring 6.65% over the past 24 hours. Investor excitement surrounding Hyperliquid’s upcoming USDH stablecoin launch is fueling this rise.
Data from DeFiLlama highlights Hyperliquid as the fifth-largest stablecoin network, surpassing giants like Base, Arbitrum, and Polygon. The total stablecoin supply on the platform grew by 4.99% in one week, reaching $6.2 billion, showing increased user engagement.
The launch of Circle’s USDC on the platform is a significant step, likely boosting USDH adoption upon release. Total value locked in Hyperliquid surged from $354 million in April to $2.74 billion by september, reflecting strong investor trust.
Nansen insights reveal smart money backing the HYPE rally. Institutions and public investors maintain bullish sentiments, with $86 million in long positions compared to just $40 million in shorts. Though, whale activity shows a more divided stance, hinting at possible market corrections ahead.
HYPE’s market cap has grown 40% this month, hitting $16 billion. Daily trading volume is up by 55%, indicating high liquidity. Technical signals, including an RSI of 69 and a strong MACD crossover, suggest further upside potential.
With the USDH launch expected soon, the price of HYPE could climb to $65 or even $70. This bullish outlook makes Hyperliquid a prime focus for crypto enthusiasts and investors alike.
