Hyperliquid’s HYPE Token Hits New Milestones
On Friday, May 23, Hyperliquid’s HYPE token reached an all-time high of $37. This rise started on April 4 when it was trading at $9.The token now trades at $35.50, marking a 285% increase from its low point.
Hyperliquid’s market cap currently stands at $11.2 billion, with a fully diluted valuation of $35.70 billion. The surge is fueled by increased trading volume, interest, and fees. Over the past seven days, its trading volume jumped 51%, reaching $67.7 billion—a testament to its dominance in decentralized finance.
- PancakeSwap and Uniswap handled $40.2 billion and $25.26 billion respectively in the same period.
- Hyperliquid has processed perpetual futures worth over $1.53 trillion,surpassing Jupiter’s $309 billion.
The rise in fees also signifies the growth. Weekly fees hit a record high of $17 million. This marks the fourth consecutive week of fee increases. Simultaneously occurring,Bitcoin’s price surge to a new high has further boosted altcoins like HYPE. Perpetual futures, differing from regular contracts as they have no expiry, have gained popularity due to leverage benefits.
Companies like Coinbase are expanding into this market,acquiring Deribit for this purpose. Technically, HYPE’s price could reach $47, suggesting a 35% increase. The cup-and-handle formation on the eight-hour chart supports this prediction.
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