$HYPE Bounces Back Above $80 on Regulatory Progress and TVL Growth

$HYPE has made a comeback after falling from its September high near $89 to around $77, and is now trading above $80. This recovery is attributed to several factors, including the token's movement in the chain total value locked (TVL) rankings and ongoing efforts to gain access to the US derivatives market.

According to MSB Intel, Hyperliquid's total value locked has reached $6.73 billion, up 11.6% over the past 30 days. This growth, combined with its recent ranking change in TVL, has sparked interest and driven the price of $HYPE upwards.

The token's efforts to gain regulatory approval for perpetual futures in the US market are also contributing to the positive sentiment surrounding Hyperliquid. In August, Payward proposed a structure under which Bitnomial would offer registered US users crypto perpetual futures linked to markets on Hyperliquid's decentralized exchange and Layer 1 network.

Additionally, the recent unlock of $433,419 allocated to core contributors has been absorbed by buyers, reversing part of the decline. However, it remains to be seen whether this trend will continue or if selling pressure will increase as more tokens become available for trading.