Crypto
HYPE Token Surges Past $88, Sets Sights on $100 Target
The Hyperliquid (HYPE) token has reached an all-time high of $88, marking a 51% gain over the past month.
A mystery whale, identified by the wallet address 0x6436, has been actively buying HYPE tokens, accumulating over 2.9 million worth more than $220 million.
Hype’s price is trading above its key moving averages and is targeting the next major level of $100.
The surge in HYPE's value can be attributed to increased user activity on the Hyperliquid exchange, higher trading fees collected by the protocol, and buybacks that have reduced circulating supply.
The launch of the Hyperliquid exchange in the US, mentioned by President Trump at a White House crypto event, has also contributed to investor sentiment.