HYPE Token Surges Over 34% to New All-Time High of $51.07
HYPE Token Surge
- Hyperliquid's native token HYPE rose over 34% in 24 hours, reaching an all-time high of $51.07.
- Weekly gains exceed 22%, while yearly growth approaches 1,500%.
- Broader market strength noted as Bitcoin reclaimed $111,000 and Ethereum surpassed $4,600.
Buyback Program Impact
- Hyperliquid increased buyback fees from 97% to 99% of revenues, expanding the validator set to 24.
- This adjustment reduces HLP share from 3% to 1%, funneling more value into HYPE's market cap.
- The strategy suggests the team sees the token as undervalued.
Strong Revenue Generation
- On August 18, Hyperliquid generated nearly $29 million in revenue, surpassing both Ethereum and Solana.
- Annualized fee revenues approached $2 billion, exceeding combined trading volumes of Coinbase and Bybit.
BTC and ETH Accumulation
- Santiment reported 13 new wallets holding over 1,000 BTC and 48 new wallets with over 10,000 ETH in August.
- Glassnode highlighted that Bitcoin long-term holders have realized significant profits this cycle, indicating potential sell-side pressure.
- Bitcoin has spent 273 days with most supply in profit, suggesting a mature market phase.
HYPE Price Analysis
- The HYPE 4-hour chart shows a breakout from a symmetrical triangle pattern with strong volume support.
- RSI near 69 indicates bullish momentum, while MACD reflects renewed upward strength.
- Fibonacci extensions suggest upside targets at $51.60, $56.60, $61.62, and possibly $64.72; support levels are at $48.50 and $46.
