Hype Surrounds Hyperliquid as Token Hits New All-Time High
Hyperliquid's HYPE token has been on a tear, hitting an all-time high of $98.03 earlier this week and currently trading around $96 at press time. The decentralized exchange (DEX) is leading the pack in revenue collection, excluding stablecoins, with over $16 million earned in the last seven days.
The surge in HYPE's price can be attributed to a combination of factors, including renewed demand for crypto perpetuals and the launch of trailing stop orders. The notional value of active perpetual contracts on Hyperliquid reached an all-time high of $18.13 billion on Tuesday, indicating a significant increase in capital inflow.
Despite zero inflows on Tuesday, institutional confidence in HYPE remains firm, with Exchange Traded Funds (ETFs) reporting net positive inflows last week after a previous outflow. This suggests that institutions are continuing to show interest in the token.