Hyperlane (HYPER) recorded an all-time price high driven by recent listings on South Korean exchanges. The token, launched at the end of April, was initially listed by Binance, which raised its value to $0.366. However, the initial appreciation was brief, and the asset entered a downward trend in the following weeks.
The scenario began to change at the end of June, when Upbit added a trading pair in South Korean won (KRW), while Bithumb also started listing the token. These movements triggered a 500% jump, with HYPER rising from $0.116 to $0.668 in just one day, according to data from BeInCrypto.
Price Performance of Hyperlane Token (HYPER). Source: BeInCrypto
Today, the token reached a new peak of $0.689 but has since pulled back 21%. At the time of this publication, HYPER was trading at $0.54, representing an 88.88% increase in the last 24 hours.
Market value approaches $100 million
The appreciation was accompanied by significant growth in trading activity. Data from CoinMarketCap shows that on June 10, the traded volume exceeded $1 billion for the first time. By this Wednesday (26), the volume reached $3.87 billion, an increase of 1,663% compared to the previous day.
Additionally, the market value of HYPER also showed strong growth, rising from around $20 million to over $95 million. The crypto reached second place among the biggest weekly and daily gains among the top thousand coins on CoinGecko.
HYPER gains popularity in searches and among investors
Interest in terms like 'Hyper Token' and 'Hyperlane' has also increased significantly. Google Trends data indicated that the search reached 100 points, the maximum popularity level on the platform.
At the same time, data from Nansen revealed that the top one hundred investors in HYPER accumulated 93.2 million units of the token since July 8. This movement signals increased confidence in the project from large wallets.
Accumulation of HYPER Token. Source: Nansen
What are the risks with token unlocking?
Despite the appreciation, some analysts maintain a cautious outlook. One compared HYPER to the trajectory of Mantra (OM) and Kinto (K), suggesting the possibility of a strong correction.
Currently, only 8% of the total token supply is unlocked. The unlocking schedule will extend over several decades, with the next release scheduled for July 22, which could generate selling pressure and affect recent gains.
Hyperlane is an interoperability protocol between blockchains that supports multiple virtual machines, permissionless deployment, and configurable security. With increased visibility and volume, the platform positions itself as one of the most watched in the crypto market.
The article 'Hyperlane (HYPER) hits all-time high with a rise of 1,600%' was first seen on BeInCrypto Brazil.