HYPE Token surges Amid USDH Stablecoin Battle and Institutional Interest
hyperliquid’s native token, HYPE, has soared over the past week, marking it as one of the top performers in the crypto market. its ascent reflects growing optimism as multiple key factors converge.
The Race for USDH
A looming competition over launching Hyperliquid’s USDH stablecoin is generating buzz. Notable companies like Paxos, Frax Finance, Agora, Ethena, and Sky are vying to become the official issuer. Paxos, backed by a PayPal partnership, promises incentives such as HYPE listings and significant ecosystem rewards. Competitors like Sky stand out with revenue-sharing plans. This rivalry promotes the Hyperliquid ecosystem, driving up demand for the HYPE token.
Institutional and Whale Activity Heats Up
BitGo’s HyperEVM support announcement has widened Hyperliquid’s reach among large institutional players. Moreover, Lion Group Holding’s decision to invest $600 million in HYPE underscores institutional faith in the platform. these actions signal confidence in its trading infrastructure and liquidity.
etfs Fuel Speculation
Rumors of VanEck’s HYPE spot staking ETF are circulating. The potential filing in the U.S. and Europe could open doors for institutional investors and capitalize on HYPE token buybacks. If realized, it might set a precedent for HYPE to gain broader acceptance.
Technical Outlook
HYPE currently trades at $55.80. The RSI at 67.64 indicates strong buyer pressure, tho near overbought territory.The MACD shows bullish momentum. Support levels rest at $52.00 and $47.00, with resistance around $58–$60. Breakouts could target $65–$70, with short-term pullbacks remaining a possibility.
HYPE’s combination of favorable fundamentals and institutional backing is expected to maintain upward pressure in the near future.
