HYPE Token Soars as Manual Borrowing and Buybacks Fuel Price Surge

The HYPE token has seen a significant surge in value over the last 19 hours, increasing by 3.16%. This move is attributed to several key factors, including the introduction of manual borrowing using HYPE as collateral and aggressive buybacks from Hyperliquid.

Manual borrowing allows users to deposit HYPE or BTC and borrow stablecoins, significantly increasing demand and leverage around the token. The feature has seen over $400 million in liquidity supplied on its first day, with HYPE reaching a new all-time high of $92.27.

The introduction of manual borrows has been accompanied by unusually large buybacks and burns from Hyperliquid. In the past 24 hours, the protocol bought and burned about 26,310 HYPE worth roughly $2.42 million, lifting lifetime burns to about 4.88% of max supply.