Hyperliquid price surged to a record high this month, making it one of the best-performing tokens in the market. HYPE token bottomed at $9.3860 in April, up by 370% from its lowest point in April.
This surge has brought its market capitalization to over $14 billion, higher than Uniswap’s $4.7 billion and PancakeSwap’s $753 million. It has become the 11th biggest cryptocurrency, with its fully diluted valuation (FDV) jumping to over $42 billion.
Why Hyperliquid price has jumped
Hyperliquid token price has jumped because of the emerging ecosystem growth, which makes it one of the fastest-growing crypto projects.
Data shows that Hypeliquid’s EVM product handled over 7.9 million transactions, a 146% 30-day increase. This surge happened as the number of active addresses in the ecosystem jumped by 125% to 191,416, and its network fees jumped by 727% to $1.24 million.
Its 30-day transaction growth made it the third-fastest growing blockchain after BNB Chain and Goat.
More data shows that Hyperliquid has become the 6th-biggest player in the stablecoin industry with over $3.73 billion in stablecoins. It has overtaken popular layer-1 and layer-2 networks like Arbitrum, Avalanche, Aptos, Sui, Stellar, and Cardano.
Hyperliquid also owns Hyperdrive, a platform offering stable money market fund that has attracted over $50.4 million in assets. Its HyperLend solution has grown its TVL to over $356 million, up from $15k in March this year.
Further, HYPE price has jumped because of the ongoing demand from income-focused investors. StakingRewards data shows that HYPE has become the fifth most staked token in crypto after Ethereum, Solana, Sui, and BNB Chain, with a staking market cap of over $17.7 billion. These investors are making a 2.28% staking reward.
Hypeliquid Perps volume is soaring
Meanwhile, the decentralized perpetual exchange is dominating the crypto industry. It has almost 500,000 active users and has handled over $1.6 trillion in volume since inception.
Hyperliquid’s total deposits jumped to over $80 billion. This growth happened because of its lower fees compared to other perpetual exchanges and the fact that it is multi-chain, enabling traders to trade all types of tokens, including Bitcoin.
Hyperliquid has also become popular because of its leverage, which enables traders to allocate up to 40x leverage. While leverage is a good thing, it can lead to higher losses. Just recently, James Wynn lost over $1 billion trading on Hyperliquid.
DeFi Llama data reveals that Hyperliquid handled over $4.2 billion worth of transactions, equivalent to 53% of the total volume of over $7.79 billion. For example, Aster handled over $1.2 billion, while Jupiter processed $415 million.
The same trajectory has happened in the last 30 days, where Hyperliquid’s volume jumped to £$246 billion.
HYPE price technical analysis
The daily chart shows that the HYPE price bottomed at $9.3860, its lowest swing since April this year. It has then bounced back, moving to a record high of $43.95 earlier this month.
HYPE token moved above the important resistance level at $35.13, its highest point in December last year. This price was the upper side of the cup-and-handle pattern, a popular bullish continuation signal.
Hyperliquid price has moved above the 50-day and 25-day Exponential Moving Averages (EMA). A move above that level points to more gains in the long term.
Therefore, the token will likely continue rising as bulls target the next key resistance at $50. A drop below the support at $35 will invalidate the bullish Hyperliquid price forecast.
Read more: HYPE price break-and-retest points to a Hyperliquid token rebound
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