HYPE Token Outpaces Competitors as Hyperliquid Shatters User and TVL Milestones
Hyperliquid’s native token HYPE isn’t just climbing—it’s leaving rivals in the dust. The decentralized exchange just posted record-breaking numbers, proving once again that in crypto, liquidity is king (and traders are its fickle courtiers).
User growth? Skyrocketing. Total value locked? To the moon. While traditional finance scrambles to keep up, Hyperliquid’s surge reads like a middle finger to legacy systems. Another day, another DeFi protocol making banks look like dial-up internet.
HYPE is riding the crypto whale watching train
The positive performance for HYPE is tied to Hyperliquid growth and increased activity in the past few weeks. The decentralized derivatives trading exchange has come into the spotlight as the trading venue for crypto whales betting on or against the market.
With whales such as James Wynn and the Machi Big Brother using Hyperliquid to execute trades and make millions in profits, the platform has attracted the attention of more traders who have praised it for its transparency.
All these have allowed Hyperliquid to set new records with multiple all-time highs. In the last 24 hours, it saw $10.1 billion open interest, $5.6 million in daily fees, and $3.5 billion in USDC total value locked. It also set a record for a new peak in daily active users with 18,000 unique addresses.
Despite its recent surge in activity, Hyperliquid ranks ninth on the list of DEX platforms for trading volume in the last seven days, with $2.55 billion, far below PancakeSwap and Uniswap with $55.68 billion and $27.01 billion.
Besides the increased activity, Hyperliquid tokenomics has also made it attractive to several investors, boosting its demand. There is an ongoing buyback of HYPE tokens, and multiple whales are piling on the asset.
According to Lookonchain, eight whales bought over 930,000 HYPE tokens worth around $33 million in the last three days. Interestingly, another whale who held 1.45 million HYPE worth $55 million for 5 months has started selling and stands to realize over $28 million in profits if he sells everything.
Hyperliquid Foundation recovers its account
The bullish expectations for the HYPE token remain, with many crypto investors bullish on the token. BitMEX co-founder Arthur Hayes is one of the HYPE bulls and has predicted that the token could reach $100.
Signs of that strong bullish sentiment are also evident in how a whale recently lost over $23 million trying to short HYPE and eventually had to liquidate and close his positions.
Meanwhile, any sign of headwinds for the project appears to have been eliminated after the Hyperliquid Foundation account on X was recovered following a breach. Bad actors had initially gained control of the account, using it to promote scam projects that have now been deleted.
Hyerliquid confirmed that the breach did not affect its blockchain or other social media channels. It added that it is working with X’s security team to investigate the account compromise, but the incident touched none of its internal systems, emails, or credentials.
Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
