HYPE Token Surges to New Heights on Regulated US Access and Borrowing Feature

Hyperliquid's HYPE token has set three all-time highs in just one week, reaching a record near $95.97 on September 21 after previous highs of $94.46 on September 19.

The token is currently trading at $95.07, down 0.55% on the day but up 20.38% over seven days.

Regulated US access, a new source of demand, and a small float are driving HYPE's surge in value, with the largest catalyst being Payward, the parent of Kraken, which plans to use its CFTC-regulated entities to deploy on-chain perpetual futures for US clients pending regulatory approval.

Additionally, Hyperliquid has launched a manual borrowing feature that drew $269 million in loans on its first day, reducing selling pressure and increasing demand.

However, with only about 26% of HYPE's maximum supply currently circulating, fully diluted valuation nears $90 billion against a market cap near $24 billion, raising concerns about the token's price stability.