• Hyperliquid surpassed $1.5 trillion in annual perpetual futures trading volume.

  • A $1.2 billion HYPE airdrop boosted user activity and liquidity.

  • HYPE token surged 1140%, with a potential breakout toward $48 soon.

Hyperliquid's HYPE has broken another record. With over $1.5 trillion in annual trading volume, this decentralized exchange isn’t playing catch-up. It’s racing ahead at full speed while others stall in the dust. Fueled by an explosive airdrop and a rocket-like token surge, Hyperliquid now leads the pack. Let’s break down how this underdog seized the spotlight and turned heads across the DeFi world.

https://twitter.com/CointelegraphMT/status/1939609859596726309 The $1.2 Billion Airdrop That Ignited a Firestorm

Late 2024 flipped the switch for Hyperliquid. A massive $1.2 billion HYPE token airdrop sparked a frenzy across the crypto space.Thousands of users rushed in like gold miners chasing a fresh strike. Liquidity surged, activity skyrocketed, and trading volume soared beyond imagination. That campaign didn’t just attract users—it turned them into loyal participants. Hyperliquid’s volume ballooned to an eye-watering $248 billion in May. By June, it hit $208 billion, completely overshadowing other platforms. All other onchain perp exchanges together barely reached $140 billion in the same month.

But the team didn’t stop there. They launched HyperEVM, an Ethereum-compatible environment built for smooth deployment of dApps and smart contracts. Developers welcomed the move like artists handed a brand-new canvas. This expansion unlocked fresh utility, giving Hyperliquid a much-needed ecosystem boost. HYPE, the platform’s native token, didn’t miss the rally. Since launch, HYPE has skyrocketed 1140%, grabbing attention like a spotlight on stage. In June alone, it gained over 27%, adding $2 billion in market cap.

Technicals Hint at a Breakout—Is $48 Next?

HYPE’s daily chart looks like it’s coiling for a move. Bollinger Bands are tightening like a spring under pressure. The price of HYPE now floats above the midline at $38.49, with resistance at $43.45 looming above. The RSI hints at bullish momentum but hasn’t overheated.If buying volume holds steady, HYPE could burst through the $43.45 wall. That sets sights firmly on $48 in the short to mid-term.

MACD indicators also flirt with a bullish crossover. Momentum hangs in the balance, and buyers appear ready to make their move. If HYPE slips below $38, support levels at $35 and $33.50 could catch the fall. Still, the upside potential feels far from capped. Arthur Hayes, BitMEX co-founder, believes the price could rocket toward $100. Much of that optimism hinges on popular trader James Wynn’s influence and trading buzz.

Hyperliquid has transformed from a rising star into a full-blown juggernaut. While others chase volume, Hyperliquid manufactures it. With bold moves and big numbers, this DEX has seized the crown. And for now, no one seems close to taking it back.