Hyperliquid's HYPE Token Surges 88% in Two Months, Eyes $100 Mark

Hyperliquid's HYPE token has surged to new heights, reaching an all-time high of $96 in September and gaining a whopping 88% over roughly two months. The token is now trading just below the key $100 level, with momentum remaining intact.

The rally behind Hyperliquid's success is not solely driven by speculation. According to data, the platform has seen a significant increase in revenue, doubling its average daily earnings from approximately $1.5 million in Q2 to around $3 million in Q3. This growth directly supports the token buyback program, creating a strong connection between trading activity and token demand.

The record open interest of $8.8 billion highlights the growing participation in derivatives markets. While this demonstrates strong demand for Hyperliquid, it also poses risks due to the heavily crowded market. If buyers maintain control, technical targets are positioned around $102 and $118, which could further strengthen the case for a confirmed breakout above the psychological $100 threshold.