HYPE Token Surges to All-Time High as Traders Flock to Hyperliquid

• HYPE token hit an all-time high of $37, up 285% from its April low of $9, as Hyperliquid’s trading volume surged to $67.7B, surpassing PancakeSwap and Uniswap.
• Platform growth is booming, with over $1.53 trillion in perpetual futures volume and $17M in weekly fee revenue — 97% of which goes back to HYPE holders.
• Technical analysis suggests more upside, with targets of $47, $51.68, and possibly $128 if momentum mirrors Solana’s 2021 rally.

Hyperliquid’s native token, HYPE, is on a roll — like, seriously. On May 23, it smashed through to a new all-time high of $37, wrapping up a monster rally that started back on April 4, when it was sitting at just $9. That’s a whopping 285% climb in less than two months. Not too shabby.

At the time this piece was written, HYPE was chillin’ around $35.50. That gives it a market cap of $11.2 billion, while its fully diluted valuation’s hovering around $35.7 billion. Big numbers, but it’s not just the token doing numbers — the whole Hyperliquid platform is seeing action.

Hyperliquid’s Volume Rockets Past the Competition

According to DeFi Llama, weekly volume on Hyperliquid spiked 51%, landing at a whopping $67.7 billion. That makes it the most active decentralized finance (DeFi) platform right now. For context, PancakeSwap processed $40.2 billion during the same week, and Uniswap handled $25.26 billion. Hyperliquid’s clearly stealing the show.

And in terms of perpetual futures — y’know, those contracts that don’t expire and let traders go wild with leverage — Hyperliquid has now facilitated over $1.53 trillion in trades. That’s miles ahead of Jupiter, the next biggest, sitting at $309 billion. It’s a bit of a flex, honestly.

Fees Are Booming, Too

More trading means more fees. Hyperliquid raked in $17 million in just one week, also per DeFi Llama. That’s the fourth week in a row of growing revenue. A large chunk of that gets funneled back to HYPE holders, by the way — nearly 97% of it. So yeah, holding HYPE isn’t just about price action.

This volume and fee spike came right as the broader crypto market caught fire. Bitcoin hit a new all-time high on Thursday, and when BTC flies, the altcoins usually don’t sit still.

Price Patterns Hint at More Upside

So what now? Well, chart watchers are spotting a classic “cup and handle” setup on the 8-hour chart — a pattern known for leading to big breakouts. The “cup” part dropped around 67%, and if you mirror that up, it puts the next target around $47. That’s about 35% above where HYPE is now.

But wait — it doesn’t stop there. The daily chart is giving off major Solana-in-early-2021 vibes. Back then, SOL broke out of a sleepy sideways pattern and exploded from $4.90 to nearly $19 in under two months. If HYPE does anything close to that, we’re looking at a potential target of $51.68 from the Fibonacci extension — and a moonshot toward $128 if things get wild (4.618 Fib level, for the nerds).

What’s Driving All This?

Part of HYPE’s appeal is how Hyperliquid is built. Analyst Ansem noted it’s going after the same vision Solana and FTX once shared — only it’s doing it fully on-chain. No centralized shortcuts.

And remember that part about 97% of trading fees going back to token holders? That’s huge. It adds real utility, not just vibes. At last check, HYPE is holding steady at $35.50, and yeah, it’s still up over 280% from that April low.

If momentum keeps building — and the charts are suggesting it might — don’t be surprised if HYPE becomes one of the standout stories of 2025.