Hyperliquid’s HYPE Token Reaches New All-Time High Above $50
The native token of Hyperliquid (HYPE) reached a new all-time high, surpassing $50 for the first time and gaining about 8% in 24 hours. Key points include:
- HYPE has increased by 430% since April and approximately 15x since its trading began in late November at around $3.
- The surge is driven by record trading activity and an automated buyback mechanism that reduces circulating supply.
- In August, Hyperliquid recorded over $357 billion in derivatives volume, rising from $319 billion in July and nearly ten times higher than last year.
- Spot trading volumes also hit a record, exceeding $3 billion for the week ending Aug. 24.
- Hyperliquid generated $105 million in trading fees during August, the highest this year.
- The Assistance Fund's holdings grew from 3 million to 29.8 million HYPE, valued over $1.5 billion, supporting the token's rise.
- BitGo added support for the HyperEVM network, facilitating institutional access to HYPE.
Despite strong fundamentals, analysts flagged potential risks due to HYPE's fully diluted valuation exceeding $50 billion and upcoming token unlocks in November that could create selling pressure.