Hyperliquid Surges by 330% and Approaches $2 Billion Milestone
Hyperliquid has experienced an impressive 330% jump from its lowest level in April, signaling potential for further gains as it nears a key milestone of $2 billion.
The current price of Hyperliquid’s (HYPE) token stands at $40.4 as of June 15, slightly below its all-time high of $43.96. With a market capitalization of $13 billion and a fully diluted valuation of $40.75 billion, the cryptocurrency is attracting significant attention in the market.
Recent data from DeFi Llama showcases a remarkable surge in Hyperliquid’s layer-1 chain, reaching a total value locked of $2.01 billion, marking a 70% increase over the past 30 days. This growth has propelled Hyperliquid to become the 11th largest chain in the crypto space, surpassing well-known networks like Cardano, Hedera Hashgraph, and Near Protocol.
Key players within Hyperliquid’s layer-1 network include Hyperliquid itself, Hyperlend, Felix, Morpho, and Hyperbeat, indicating a robust ecosystem and diverse offerings.
Moreover, Hyperliquid has emerged as a major player in the stablecoin sector, boasting $3.7 billion in stablecoins within its layer-1 network, a significant rise from $2 billion earlier this year.
As the sixth largest player in the stablecoin industry, following Ethereum, Tron, Solana, BNB Chain, and Base, Hyperliquid’s prominence continues to grow.
Additionally, Hyperliquid’s perpetual exchange has demonstrated substantial transaction volumes, processing over $4.43 billion in transactions within 24 hours and reaching a monthly volume of $242 billion, outshining competitors in the top-ten platforms.
Investors have shown a strong interest in staking HYPE tokens, with the staking market cap witnessing a 16% increase over the last seven days to reach $17.1 billion, indicating confidence and engagement within the community.
Technical Analysis of HYPE Price
Analysis of the HYPE price on the eight-hour chart reveals a strong uptrend, with the token surging from $9.29 in April to $40 currently. It has surpassed the ascending trendline connecting the lowest points since May 12 and remains above the 50-period and 100-period moving averages.
Key support is identified at $39.94, the peak in May, suggesting a bullish outlook with potential targets at the all-time high of $43.95 and potentially beyond to $50.