HYPE rockets past rivals as Hyperliquid sets new user and TVL records

Hyperliquid native token HYPE has set a new all-time high at $39.92 after rising almost 10% in the last 24 hours. The milestone continues the positive performance of the protocol in 2025.

According to data from CoinMarketCap, the decentralized derivatives exchange token has seen its value increase by 111% in the last 30 days, a factor that contributed to its new peak. The token has enjoyed a relatively positive performance in 2025, enough to make it up 45% year to date.

This makes HYPE one of the best-performing altcoins in a generally rough year for other cryptocurrencies, apart from Bitcoin. Although Bitcoin is up 16% this year, major altcoins such as Ether, Solana, BNB, LINK, and ADA are down YTD.

Even major altcoins with gains this year, such as XRP and TRX, have only seen single-digit positive performance, with Monero XMR being the only top 20 cryptocurrency that is up more than 100% this year.

Meanwhile, HYPE’s recent performance has sent it higher on the list of top crypto by market capitalization. It is now ranked eleventh according to CoinMarketCap with $12.72 billion, higher than SUI with $12.05 billion but still far behind TRX, which has a $25.83 billion market cap.

HYPE is riding the crypto whale watching train

The positive performance for HYPE is tied to Hyperliquid growth and increased activity in the past few weeks. The decentralized derivatives trading exchange has come into the spotlight as the trading venue for crypto whales betting on or against the market.

With whales such as James Wynn and the Machi Big Brother using Hyperliquid to execute trades and make millions in profits, the platform has attracted the attention of more traders who have praised it for its transparency.

All these have allowed Hyperliquid to set new records with multiple all-time highs. In the last 24 hours, it saw $10.1 billion open interest, $5.6 million in daily fees, and $3.5 billion in USDC total value locked. It also set a record for a new peak in daily active users with 18,000 unique addresses.

HyperEVM set a new ATH for active users per day at 18,000 (Source: Hyperliquid News)

Despite its recent surge in activity, Hyperliquid ranks ninth on the list of DEX platforms for trading volume in the last seven days, with $2.55 billion, far below PancakeSwap and Uniswap with $55.68 billion and $27.01 billion.

Besides the increased activity, Hyperliquid tokenomics has also made it attractive to several investors, boosting its demand. There is an ongoing buyback of HYPE tokens, and multiple whales are piling on the asset.

According to Lookonchain, eight whales bought over 930,000 HYPE tokens worth around $33 million in the last three days. Interestingly, another whale who held 1.45 million HYPE worth $55 million for 5 months has started selling and stands to realize over $28 million in profits if he sells everything.

Hyperliquid Foundation recovers its account

The bullish expectations for the HYPE token remain, with many crypto investors bullish on the token. BitMEX co-founder Arthur Hayes is one of the HYPE bulls and has predicted that the token could reach $100.

Signs of that strong bullish sentiment are also evident in how a whale recently lost over $23 million trying to short HYPE and eventually had to liquidate and close his positions.

Meanwhile, any sign of headwinds for the project appears to have been eliminated after the Hyperliquid Foundation account on X was recovered following a breach. Bad actors had initially gained control of the account, using it to promote scam projects that have now been deleted.

Hyerliquid confirmed that the breach did not affect its blockchain or other social media channels. It added that it is working with X’s security team to investigate the account compromise, but the incident touched none of its internal systems, emails, or credentials.

Source