Hype Soars to New Highs After Manual Borrows Launch
Hype (HYPE) is trading at $91.19, down a modest -1% today, just $3 off its record high printed earlier this week. This comes after the token's new Manual Borrows feature went live on September 18, allowing users to post HYPE or Bitcoin as collateral to draw USDC and USDT loans directly on HyperCore infrastructure.
Total borrowed assets already sit at $269M, with HYPE holders able to borrow against their tokens at up to 65% LTV with an 82.5% liquidation threshold.
The launch coincided with a 13%+ single-day rally to a $90.92 all-time high and a +75% jump in trading volume. This type of volume spike, paired with a new leverage mechanism, tends to attract scrutiny, as seen with Hyperliquid facing insider-trading allegations tied to its perpetual futures earlier this year.