HYPE Soars 79% Amid Crypto Downturn
The crypto market may be down, but one token is bucking the trend. HYPE, the native token of Hyperliquid, has surged 79.2% to a new all-time high of $76.90 on June 16. This comes despite a 14.1% decline in Bitcoin's value over the same period.
According to Hyperliquid's Q2 report, HYPE's outperformance is not just a one-off event. The protocol has now achieved two consecutive quarters of significant gains, with its native token gaining 93% relative performance over Bitcoin in Q2.
The recovery in revenue was also notable, with monthly earnings climbing 52% above April's trough and putting the protocol on an annualized revenue run rate of approximately $840 million. Cumulative holder revenue surpassed $1 billion by the end of the quarter, driven largely by higher trading volumes.