Hyperliquid’s HYPE token has climbed roughly 47% over the past two weeks, outpacing Bitcoin and Ethereum during a broader market drawdown. The price currently hovers in the $32–$33 zone, following a sharp rebound from recent lows. A key driver behind the rise is Hyperliquid’s revenue growth, with daily fees timing at over $5.5 million in a single 24-hour period and the platform briefly exceeding Ethereum in on-chain revenue.
Its daily perpetual trading volumes have risen above $5 billion, capturing more than 30% of the decentralized perpetuals market. Part of the revenue is allocated to token buybacks and burns; over the past month, more than two million HYPE tokens have been removed from circulation. With roughly 238 million tokens circulating out of a one billion maximum, marginal demand still has an outsized impact.
This dynamic helps explain why price can move aggressively even during broader market weakness. Investors are not just pricing in future growth, but responding to ongoing supply reduction. That combination of cash flow and token sinks is rare at scale in crypto.
Leave a Reply