Hyperliquid (HYPE) Token Explodes 285% as Trading Frenzy Hits $67.7B—DeFi Summer 2.0 or Just Another Liquidity Mirage?

Hyperliquid’s HYPE token is mooning—literally. A 285% price surge in record time has traders scrambling, while platform volume rockets past $67.7 billion. Is this the next-gen DeFi breakout or just leveraged degens chasing the next dopamine hit?

Behind the numbers: The surge coincides with Hyperliquid’s volume hitting escape velocity. But let’s be real—in crypto, ‘volume’ can mean three guys and a Telegram group passing the same bag back and forth. Still, the charts don’t lie… until they do.

Warning: This isn’t financial advice (unless it works out—then we totally called it). Remember kids, what goes up 285% in crypto usually comes down faster than a Wall Street banker’s reputation after a margin call.

TLDR

• HYPE token hit a record high of $37 on May 23, up 285% from its April low of $9
• Hyperliquid processed $67.7 billion in seven-day volume, making it the most active DeFi platform
• Weekly fees reached a record $17 million as the platform handled over $1.53 trillion in perpetual futures trades
• Technical analysis shows a cup-and-handle pattern targeting $47, representing 35% upside potential
• HYPE is mirroring Solana’s 2021 breakout pattern, with analysts predicting potential 240% gains by July

Hyperliquid’s HYPE token reached a record high of $37 on Friday, May 23, continuing a strong uptrend that began on April 4 when the token bottomed at $9. The token was trading at $35.50 at press time.

The surge has brought HYPE’s market capitalization to $11.2 billion. Its fully diluted valuation now stands at $35.70 billion.

The price increase comes as Hyperliquid sees growing activity across its platform. DeFi Llama data shows the platform’s seven-day volume jumped 51% to $67.7 billion.

This makes Hyperliquid the most active player in decentralized finance. By comparison, PancakeSwap processed $40.2 billion in transactions during the same period. Uniswap handled $25.26 billion.

Hyperliquid has now processed perpetual futures trades worth over $1.53 trillion. This is much higher than Jupiter’s $309 billion, making Jupiter the second-biggest perpetual futures exchange.

Platform Fees Hit Record Levels

The increased volume has driven fees to new highs. DeFi Llama data shows Hyperliquid’s weekly fees reached a record $17 million. Fees have risen for four consecutive weeks.

The recent surge in volume and fees coincided with the broader crypto market rally. Bitcoin price hit a record high on Thursday, triggering gains among altcoins.

Perpetual futures have become popular in the crypto industry. These products resemble stock market futures but don’t have expiry dates. They allow traders to use leverage and amplify returns.

Major crypto companies are expanding into this sector. Coinbase recently acquired Deribit to increase its presence in perpetual futures trading.

Technical Patterns Point to Further Gains

Technical analysis suggests HYPE price has more room to grow. The eight-hour chart shows the token has formed a cup-and-handle pattern. This pattern includes a horizontal support level, rounded bottom, and consolidation phase.

The cup pattern had a depth of about 67%. Measuring the same distance from its upper side gives a target price of $47. This represents about 35% upside from current levels.

Such a move WOULD bring HYPE’s market cap to almost $15 billion. The pattern mirrors Solana’s early 2021 breakout structure.

In January 2021, solana broke out from a long consolidation phase. The breakout triggered a vertical rally that saw SOL jump from $4.90 to around $19 in under two months. This marked a 291% surge.

HYPE’s daily chart shows similar bullish structure following its 270% rebound from April lows. On May 23, HYPE broke above its 1.0 Fibonacci retracement level at $35.88.

The relative strength index for HYPE has entered deeply overbought territory above 84. This mirrors Solana’s RSI profile during its 2021 breakout.

If HYPE continues following this pattern, the 1.618 Fibonacci extension level NEAR $51.68 appears to be the next target. The 4.618 level at around $128 could mark the peak of this potential rally, representing a 240% move from the recent breakout zone.

Popular analyst Ansem notes that Hyperliquid’s vision resembles what Solana and FTX aimed to build during their early partnership. Unlike FTX’s centralized structure, Hyperliquid operates fully onchain.

early solana 2021 vs. hyperliquid 2025 price action fractal

goal of solana + FTX very similar to goal of Hyperliquid w/ HyperCore & HyperEVM, except w/ $HYPE the perpetuals exchange is fully on-chain w/ ~97% of revenue going directly back to token holders

all time highs soon pic.twitter.com/WebRG2Vh0I

— Ansem 🐂🀄️ (@blknoiz06) May 22, 2025

Nearly 97% of all trading revenue goes directly back to HYPE tokenholders. HYPE was trading at $35.50 at press time, up 285% from its April low of $9.