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Key Takeaways:
- HYPE is up 5% in 24 hours, fueled by whale-backed leveraged long positions.
- Open interest surged to $14.29B, reflecting increased trader engagement and bullish sentiment.
- Hyperliquid DEX revenue hit #1, boosting HYPE’s tokenomics through deflationary buybacks.
Hyperliquid’s native token HYPE continued its upward trajectory, gaining approximately 5% in the past 24 hours as investors and analysts closely watch its price action near the $50 level. The token, launched earlier this year, has steadily gained traction, fueled by consistent growth in trading volume, decentralized exchange (DEX) revenue, and increasing institutional interest.
Whale Adds Leverage Across HYPE, PEPE, BTC, and ETH
A notable development came via SpotOnChain, which identified a high-performing crypto whale adding 10x leveraged long positions on HYPE and PEPE. Even more aggressively, the same whale opened 40x and 25x positions on Bitcoin (BTC) and Ethereum (ETH), respectively. The wallet in question reportedly holds an unrealized 115% gain, signaling strong confidence in these assets — particularly HYPE.
This strategic move sent a clear message: high-leverage players are backing HYPE’s bullish continuation.
HYPE’s Open Interest Surges, Outpaces OKX
On-chain data from CoinGlass shows Hyperliquid’s open interest (OI) has surged to $14.29 billion, positioning it sixth overall and second among derivative platforms using a cashless settlement model. This increase in OI indicates growing speculative interest, as traders pile in with bullish expectations.
Meanwhile, HYPE’s funding rate flipped positive, climbing from 0.0066% to 0.08%, showing that long positions are willing to pay shorts to hold their ground — a classic signal of bullish dominance.
Hyperliquid DEX Revenue Supports Tokenomics
HYPE’s strong fundamentals are further reinforced by the performance of the Hyperliquid DEX. In the last 24 hours, it led all blockchain platforms in fee generation, surpassing Ethereum, Tron, Solana, and even Bitcoin. Notably, over 51% of the top-chain fees were attributed to HYPE, according to Artemis data.
This revenue feeds directly into HYPE’s deflationary mechanism: buybacks followed by token burns, reducing supply and potentially supporting future price appreciation.
Also Read: Hyperliquid Breaks Records: $10.6B OI and HYPE Price Hits $47 ATH
Technically, HYPE has already tested the $49.87 level, narrowly missing the psychological $50 mark. A clean break above this resistance could confirm a continuation of the bullish trend, with $75 as the next target.
Volume analysis also supports bullish momentum, with recent green volume bars replacing a previous four-day stretch dominated by sellers. However, a temporary consolidation below $50 or even a brief pullback to the $40–$42 range may occur before the next leg up.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
