Hyperliquid Token HYPE Hits $42.53 All-Time High Driven by Whale Activity and Strong Revenue

Hyperliquid (HYPE) has reached a new all-time high of $42.53 on June 11, driven by strong technical momentum and significant whale activity. The token has broken above $42 for the fourth time in 2025, indicating consistent investor interest and aggressive positioning by whales. This rally is supported by over $40 million in leveraged long positions on HYPE, reflecting high-conviction bullish sentiment.

The protocol's revenues have surpassed $850 million annually, with a significant portion of this revenue used for token buybacks. This buyback strategy is boosting the HYPE coin price and contributing to its long-term price stability and appreciation. The daily trading volume for HYPE/USDT exceeds $500 million, backed by rising total value locked (TVL) and app fees, which surpass those of Ethereum and Solana. This indicates extremely high protocol usage and user activity within the Hyperliquid ecosystem.

Technical indicators for HYPE/USDT remain bullish, with the price surging over 350% since bottoming near $9.29 in early April. The Relative Strength Index (RSI) stands at 73.51, placing HYPE in the overbought zone, which suggests short-term exhaustion. The Moving Average Convergence Divergence (MACD) shows a positive crossover above the zero line, reinforcing bullish sentiment, but the flattening histogram indicates that momentum is beginning to level off. The BBTrend momentum indicator remains elevated, signaling continued trend strength, but prolonged high readings often precede volatility spikes or retracements.

Whale activity continues to support the HYPE price, with significant deposits and leveraged positions. Two wallets deposited $19.43 million USDC and opened 5x long positions on HYPE, while another whale posted $11.8 million in SOL as collateral to borrow $4 million USDC, buying and staking 126,353 HYPE at $39.1. A separate $9.97 million USDC buy netted 259,367 HYPE tokens, illustrating deep-pocketed confidence in the token. Rising open interest on HYPE futures, which now totals $1.89 billion, supports this bullish interpretation.

The TVL in the Hyperliquid ecosystem stands at $1.73 billion, reflecting growing trust and liquidity. Daily fees amount to $2.99 million, surpassing those of major competitors. The fully diluted valuation (FDV) of HYPE is $42.05 billion, positioning it among the most valuable DeFi assets. These metrics validate that Hyperliquid is not just experiencing a price rally but is establishing itself as a dominant DeFi infrastructure layer with robust user engagement, strong on-chain demand, and clear institutional interest.

While the HYPE chart reflects strength, traders should be alert to changes in whale behavior. As long as the HYPE price holds above $38, momentum remains with the bulls. A breakout beyond $44.5 would likely trigger the next leg toward $50. However, if profit-taking accelerates or market sentiment shifts, HYPE could correct down to $26.89—a key support area. In either case, traders should manage entries carefully, considering the potential for both continued bullish momentum and short-term corrections.