HYPE Surges 16.99% Weekly on $29B Volume Amid Bullish Signals

Hyperliquid’s native token, HYPE, has defied broader market weakness amid the widespread liquidation event on August 14, 2024, with trading volume surging to an unprecedented $29 billion in a 24-hour period [1]. This impressive volume has brought in $7.7 million in generated fees, signaling strong user activity and engagement on the platform [1]. The token has gained 5.88% in the last 24 hours, extending its weekly performance to a 16.99% gain [1]. Analysts are now taking notice, with many speculating that HYPE could potentially break out to $100 [1].

The current price of HYPE is $48.20, which is just 3.32% below its previous all-time high of $49.86 set on July 14 [1]. Historical performance also adds fuel to the bullish case. In its early months, HYPE surged from $6.40 to $20.58 as volume increased from $6 billion to $22 billion [1]. With today’s volume at a record $29 billion and HYPE trading near $48, the $100 price target appears increasingly plausible [1].

On-chain metrics reinforce the positive momentum. Hyperliquid’s total value locked (TVL) has risen to $610 million from $230.48 million in April [1]. Monthly decentralized exchange (DEX) volume has also seen explosive growth, rising from $57.54 million in March to $516.26 million in July [1]. The platform generates around $140 million in quarterly revenue, rivaling the earnings of Circle, the USDC issuer [1]. Nansen CEO Alex Svanevik has highlighted the importance of blockchain revenue, stating it is “the new meta” [1].

Recent developments have further boosted HYPE’s prospects. On August 13, Anchorage Digital Bank announced plans to provide custody services for HYPE tokens on the protocol’s EVM-compatible HyperEVM chain [1]. In late July, Circle confirmed that native USDC and CCTP V2 would deploy on Hyperliquid, offering improved liquidity and functionality for DeFi and derivatives trading [1]. Institutional interest is also rising, with Lookonchain reporting that Arthur Hayes of BitMEX recently acquired over 58,631 HYPE tokens worth $2.62 million [1].

Prediction market sentiment is shifting in favor of HYPE as well. Polymarket now lists a 35% probability of HYPE reaching $100 by 2025, up from 13% in July [1]. Analysts note that these odds could climb above 65% before the anticipated September interest rate cut [1]. From a technical perspective, the HYPE/USDT daily chart shows a strong breakout from a descending wedge, with RSI at 60 indicating healthy upward momentum without overbought conditions [1].

Taken together, the surge in volume, revenue growth, institutional backing, and favorable technical indicators create a compelling narrative for HYPE. While the broader crypto market remains under pressure, the platform’s performance suggests it may be charting a different course. Analysts and prediction markets alike are watching closely to see if HYPE can continue its climb toward the $100 milestone.

Source:

[1] HYPE Erupts as Market Bleeds – $29B Volume, 35% Odds Indicate $100 Breakout. (2025). https://cryptonews.com/news/hype-token-defies-market-bloodbath-with-29b-volume-100-next/