Massive surge of 260% in Hyperliiquid values observed from April lows, accompanied by a daily income of $2 million, and open interest approaching a whopping $1 billion.
The current state of Hyperliquid's native token, $HYPE, is one of intense growth and momentum. As of now, $HYPE is trading at around $26.73, and it's been on a smashing 80% run over the past month, with a whopping 260% rebound from its April low of $10.34.
On-chain metrics are skyrocketing, showing a spike in trading activity. For instance, the 24-hour derivatives volume is up 36%, and open interest has increased by 13% to a staggering $936 million, according to Coinglass data. Not to mention the daily protocol revenue, which currently hovers around the $2 million mark, and the perpetuals volume, which hit a mind-blowing $7.64 billion in just one day, as per DefiLlama data.
Hyperliquid has been giving traditional centralized firms like Deribit a run for their money, taking the lead in Bitcoin (BTC) perpetual open interest and even outperformin some other tokens' OI. With a lifetime trading volume of over $1 trillion, Hyperliquid is swiftly emerging as a major force in the perpetual trading sector.
Looking ahead, Hyperliquid is set to introduce a new fee discount system and account linking feature starting May 5, which is expected to spur continued growth. Analyst Flood projects that the protocol generates over $700 million in annual revenue, making it one of the most profitable businesses in the U.S. Most of these profits, according to Flood, are being used to buy back HYPE on the open market.
Despite bullish momentum, the RSI at 71 indicates overbought conditions, suggesting a potential short-term consolidation. HYPE support levels lie at $24.76 and $22.32, with $20 serving as a strong psychological support. Resistance lies at $28.13, with a clear path to $30 and possibly the all-time high of $34.96 if market sentiment remains favorable. A more substantial decline towards $20 might occur if HYPE fails to hold above $22, but the overall trend still looks robust.
As for Ripple's XRP, it dipped after a U.S. court rejected their settlement bid with the SEC over a procedural misstep. With Hyperliquid's promising future and HYPE's ongoing upward trajectory, the stage is set for some intriguing developments in the cryptocurrency landscape. Who knows? Maybe $HYPE could be the new kid on the block that changes the game entirely.
- The crypto finance industry is witnessing the emergence of a new force in the perpetual trading sector with Hyperliquid's native token, $HYPE, currently trading at $26.73 and experiencing intense growth.
- Not only is Hyperliquid challenging traditional centralized firms like Deribit in Bitcoin (BTC) perpetual open interest, but it has also surpassed other tokens in this area, boasting a lifetime trading volume of over $1 trillion.
- Analyst Flood predicts that Hyperliquid generates over $700 million in annual revenue, making it one of the most profitable businesses in the U.S., with a significant portion of these profits being used to buy back HYPE tokens.
- On the other hand, Ripple's XRP suffered a dip following the U.S. court's rejection of their settlement bid with the SEC over a procedural misstep.
- With Hyperliquid's exciting developments, such as the introduction of a new fee discount system and account linking feature, and the ongoing upward trajectory of $HYPE, the cryptocurrency landscape may be set for some intriguing, potentially game-changing developments, much like a new kid on the block.
