BULLISH 📈 : Hyperliquid price surges 58% amid strong trading activity

The Hyperliquid price has seen a significant increase, rising over 58% in the past week and defying the general crypto market trend. This surge is due to positive developments within its ecosystem.

Open interest for Hyperliquid's HIP-3 reached an all-time high of $790 million, driven by increased commodities trading.
HIP-3 allows the creation of custom perpetual markets for various assets, boosting trading activity and price.
The silver perpetuals market on the DEX ranks third in trading volume behind Bitcoin and Ethereum, with over $1 billion traded in the last 24 hours.
Co-founder Jeff Yan noted Hyperliquid's milestone as the most liquid venue for crypto price discovery globally.
Lack of selling pressure and increased demand from digital asset companies are contributing to the price rise.
The imminent Kraken listing is expected to further support the token's bullish momentum.
Protocols' fees are directed towards buying back HYPE tokens, enhancing price stability.

Currently, Hyperliquid is priced at around $34, up over 27% in the last day.