HYPE Prices Retreat as USDH Stablecoin Launch Looms
The HYPE tokenS recent price rally has faltered, dropping 7% from its peak this year. It currently trades at $53.77,with a market cap nearing $18 billion. However,analysts predict potential gains towards $100,spurred by the imminent USDH stablecoin launch.
HYPE showcases robust fundamentals in the crypto space. A key driver is the upcoming USDH stablecoin,set too rival established tokens like USDC and USDT. USDH, a joint venture between Hyperliquid and Native markets, will cap initial transactions at around $800.
Circle, USDC’s developer, announced plans to expand onto the hyperliquid network. This collaboration includes rolling out native USDC and CCTP V2 on HyperEVM.Additionally, Circle invested in Hyperliquid, solidifying its inline with the project.
- HYPE leads in perpetual futures,with $336 billion processed over the past 30 days.
- Total value locked on Hyperliquid’s Layer-1 exceeded $7.72 billion,up from January’s $400 million.
- Stablecoin volume within the network reached a record $6.2 billion.
HYPE’s technical analysis indicates a robust bull run in recent months, climbing from $9.33 in April to a high of $57. Recent pullbacks seem part of a break-and-retest pattern—a positive continuation sign—targeting $100. should prices dip below $50.27, the bullish trend might weaken.
