HYPE Token Surges 67.2% Monthly Amid Crypto Market Stability

HYPE token, the native asset of the Hyperliquid decentralized exchange, has emerged as a standout performer among the top 15 crypto assets by market capitalization, excluding stablecoins. Over the past week, HYPE has seen a 12.4% gain, and its monthly appreciation stands at an impressive 67.2%. As of the latest data, HYPE is trading at $41.31, reflecting a slight daily decline of 0.3% but maintaining a strong upward trajectory since mid-May.

This performance comes at a time when Bitcoin's volatility has reached record lows for the year, contributing to a relatively stable trading environment. The steady price action of HYPE has pushed it back toward its monthly highs, which are around the $42 range. This surge in HYPE's value is attributed to both speculative momentum and deeper fundamentals, such as ecosystem growth and institutional interest, according to Vincent Liu, chief investment officer at crypto and quantitative trading firm Kronos Research.

In contrast, other major altcoins like Ethereum, Solana, and Dogecoin have shown modest gains. Ethereum has climbed 7%, Solana by 7.3%, and Dogecoin by 4.4% over the same period. These gains indicate a recovery from late-May lows, although they remain below recent local highs. Bitcoin, on the other hand, has posted record lows for implied volatility, which measures the potential movement of its spot price based on options prices.

Liu suggests that the upswing in these cryptocurrencies is driven by a mix of retail hype, particularly in Dogecoin and HYPE, alongside real progress in Ethereum and Solana. He notes that while the short-term outlook is positive due to liquidity, retail energy, and fresh institutional interest, broader macro factors such as tariff headlines and dollar strength ratios could add friction to the market's momentum.

Long-term upside for these cryptocurrencies hinges on macro stability and clear regulation, according to Liu. The interest in Hyperliquid has resulted in consistently high organic usage, as it competes with centralized derivative exchanges. The decentralized exchange has attracted users for its perpetual futures offerings, which are derivatives contracts that never expire, allowing traders to speculate on price movements indefinitely without taking delivery of the underlying asset.

Hyperliquid's response to the SEC's call on perpetuals highlights how its platform meets and exceeds regulatory requirements for resilience and customer protection. This positions Hyperliquid as a strong competitor in the decentralized exchange space, contributing to the overall recovery and stability of the altcoin market.