Hyperliquid’s $HYPE Token Surges: A Closer Look at Its Impressive Growth
Hyperliquid’s native token, $HYPE, is currently trading at $26.73, marking an 8.6% increase in the past 24 hours. Over the last month, it has seen a remarkable 80% rise.Since its low point of $10.34 in April, the token has rebounded by 260%, now just 23% below its all-time high of $34.96.
On-chain data reveals a surge in trading activity. The 24-hour derivatives volume has jumped by 36%, and open interest has risen 13% to $936 million, according to Coinglass data. the protocol’s daily revenue is approximately $2 million, with perpetuals volume reaching $7.64 billion in a single day, as reported by DefiLlama.
Hyperliquid is gaining market dominance and user adoption, surpassing centralized firms like Deribit in Bitcoin perpetual open interest.It has a lifetime trading volume exceeding $1 trillion, making it a significant player in perpetual trading.
- Pseudonymous analyst Flood estimates Hyperliquid generates over $700 million in annual revenue.
- Most profits are used for HYPE buybacks.
Technically, $HYPE is above major moving averages, indicating bullish momentum. However, with a relative strength index of 71, it shows overbought conditions, suggesting a potential short-term cooldown.
Support levels are at $24.76 and $22.32, with $20 as a stronger psychological support. Resistance is at $28.13, with a path to $30 and possibly the all-time high if momentum continues.
