Hyperliquid’s native token has soared to an all-time high, riding a wave of investor enthusiasm and bullish on-chain signals as the platform’s long-awaited USDH stablecoin launch draws near.
Summary
- HYPE has reached an all-time high of $59.39, up 6.65% on the 24-hour chart.
- DeFiLlama data ranks Hyperliquid as the 5th largest stablecoin network.
- Smart money and public investors show strong long positions on the token.
The Hyperliquid token soared to a new all-time high of $59.39 today, fueled by anticipation for the platform’s long-awaited USDH stablecoin launch and broader optimism across its growing ecosystem.
As per data from crypto.news, HYPE (HYPE) has increased by 6.65% in the past 24 hours and 5% in the past week, an indicator of positive market sentiment. The bullish run has sparked enthusiasm throughout the crypto community, with prominent figures such as Arthur Hayes celebrating the milestone.
Besides the price surge, on-chain data shows a broader growth trend across the Hyperliquid platform. According to DeFiLlama, the protocol is now the fifth largest player in the stablecoin industry, having surpassed major networks like Base, Arbitrum, and Polygon. The total amount of stablecoins on the platform has climbed 4.99% in the past week, reaching $6.20 billion, an indication of growing user activity and transactional volume.
The rise also follows the recent launch of Circle’s USDC on the network, a move expected to strengthen the platform’s positioning and potentially accelerate adoption of USDH once it launches. In addition, the total value locked (TVL) has soared from $354 million in April to $2.74 billion by September, a sign of huge capital inflows and trust from DeFi users.
Smart money backs HYPE price rally
Insights from Nansen reveal that sentiment among institutional and public investors remains firmly bullish. Smart money wallets currently hold around $86 million in long positions, nearly double the $40 million in shorts. Public investors reflect a similar tilt, with $47 million long vs. $22 million short.
Interestingly, whale activity appears more split, $259 million long vs. $248 million short, highlighting growing tensions in the market. This divide suggests that while many anticipate further gains, some players are preparing for a potential correction. With total open interest surging to $1.51 billion, volatility is likely to persist in the short term.
At the time of writing, the token trades at $58.01. It has witnessed a minor pullback from its all-time high but remains above its late August low point of $40. Its market capitalization has grown nearly 40% this month, rising from $11.5 billion to $16 billion, and 24-hour trading volume is up by over 55%, signaling high liquidity and investor interest.
The current daily RSI is 69, which is close to the overbought level of 70, and the MACD indicator indicates a strong bullish crossover with widening histogram bars, both of which indicate further upward movement. The launch of the USDH stablecoin is expected to spur a price rally, potentially pushing HYPE toward $65 and possibly reaching $70.
