$HYPE Surges Past Record High Amid Trump-Fueled Momentum
HYPE has reached an all-time high of $82 in price over the past day, marking a 38% increase this week. The token's market capitalization now stands at $17.17 billion, with a 24-hour trading volume above $2 billion.
This surge is largely attributed to President Donald Trump's statement on August 19 that the Commodity Futures Trading Commission (CFTC) was working to bring Hyperliquid into the US 'in a fully compliant and legal manner'. This news sparked a 25% price jump in just one day, with traders pricing in the potential for formal US market access.
Multicoin Capital has been moving significant amounts of HYPE to Coinbase Prime, an institutional custody and trading platform. On August 20 alone, Multicoin deposited over $19.8 million worth of HYPE into Coinbase Prime. This move raises questions about the firm's intentions and whether it will impact the token's price.