Hyperliquid Rockets to New ATH Amid Whale Manipulation Allegations—HYPE Token Defies Market Skepticism

Just when you thought crypto couldn’t get wilder, Hyperliquid’s HYPE token smashes through its previous ceiling—sparking both euphoria and accusations of market manipulation by deep-pocketed whales.

Behind the parabolic rally

Trading volumes exploded as HYPE hit uncharted territory, drawing scrutiny from seasoned traders who flagged irregular order patterns. Whales appear to be playing puppeteer—accumulating quietly, then triggering cascading buy pressure.

Market reacts—frenzy meets skepticism

Retail FOMO is pumping the price even higher, while crypto veterans warn of classic pump-and-dump vibes. One anonymous hedge fund manager quipped, 'This isn’t investing—it’s algorithmic gambling with extra steps.'

Regulatory shadows loom

With the SEC already eyeing DeFi platforms, Hyperliquid’s surge could attract unwelcome attention. But let’s be real—since when has regulatory risk ever stopped a crypto bull run?

Outlook: volatile, volatile, volatile

HYPE’s ride might get bumpier. If whales cash out, the drop could be brutal. For now, though, the party’s on—until the music stops, and someone’s left holding the bag. Classic crypto.

HYPE’s new ATH

Despite the controversy, Hyperliquid’s HYPE token climbed to a record $51.05 on Aug. 27, a 10% increase in 24 hours, according to CryptoSlate data.

The milestone surpassed the asset’s previous July high of $48.55. Prices have since corrected to around $48.8, though the token still showed a 7.5% daily gain at press time.

The momentum reflects broader growth across Hyperliquid’s trading platform.

DefiLlama data revealed that in July, Hyperliquid processed $330.8 billion in combined spot and perpetual volume, surpassing Robinhood’s $237.8 billion across all asset classes. The gap represented a 39% lead for Hyperliquid, marking the third straight month it outpaced the US trading giant.

Industry observers suggest the growth trajectory could continue for the decentralized trading platform.

Blockworks researcher Carlos noted that Hyperliquid generated nearly $100 million in revenue over the past 30 days, outpacing several established LAYER 1 networks.

According to him, Hyperliquid’s spot volumes for Bitcoin, ETH, and solana matched or exceeded those of Bitstamp and Kraken this month.

At the same time, its derivatives activity ROSE to nearly 14% of Binance’s futures market, a jump from just 2% a year earlier.

Considering this, he posited that “Hyperliquid will continue to take market share away from CEXs.”