At a time when most cryptocurrencies are undergoing adjustments, Hyperliquid's token HYPE has instead carved out an independent market trend. A series of speculative indicators and on-chain data are sending positive signals, making the outlook for this #altcoin increasingly optimistic in the market.
Whale funds have aggressively re-entered, HYPE has surged 5 times from 9 USD.
Recently, the cryptocurrency market has experienced a pullback, but this has precisely become a "bargain hunting" opportunity for savvy investors. #Bitcoin, #Ethereum and other mainstream currencies have become safe havens for funds, while HYPE has surged unexpectedly with the support of whales. As of the time of this report, HYPE's price has skyrocketed over 5 times from its previous low of 9 USD, even though it only slightly increased by 6% in the past 24 hours, the overall increase remains impressive.
Behind this rebound, the actions of the whales are particularly crucial. According to SpotOnChain data, a newly minted whale recently deposited approximately 21 million USD in USDC into the Hyperliquid platform, making a large purchase of 466,000 HYPE tokens at an average cost of about 45 USD. Currently, this holding has a floating profit of 1.23 million USD, with an increase of nearly 6%. Moreover, the HYPE holdings of well-known figure in the crypto circle, Arthur Hayes, have also increased to 58,600 tokens, with unrealized profits exceeding 206,000 USD. Both new and old whales are increasing their stakes, clearly eyeing HYPE's upward potential, and on-chain data further corroborates this bullish confidence.
On-chain performance outshines its peers, with platform strength supporting the upward trend.
#HYPE's strength is not a castle in the air; on-chain data provides solid support. In the past 24 hours, the trading volume of Hyperliquid perpetual contracts soared to 27 billion USD, which is 35 times the spot trading volume (770 million USD), such activity is quite rare among similar platforms.
The market's praise for Hyperliquid is focused on its advantages in spot trading, thanks to its self-developed HyperCore engine and the HyperEVM infrastructure supporting the DeFi ecosystem. Even more astonishing is the total value locked (TVL) on the platform — skyrocketing from 500 million USD at the beginning of the year to 2.23 billion USD in just 8 months, an increase of over 4 times. The higher the platform's activity, the more fees generated, which has become the "invisible pillar" supporting HYPE's price.
Currently, HYPE's weekly revenue has reached a historical high. In the crypto space, only Tether and Circle's fee scales can surpass it. More crucially, Hyperliquid uses 97% of its fees (approximately 6.63 million USD/day) to buy back HYPE tokens. This ongoing mechanism to reduce circulation continuously enhances the token's scarcity, providing strong support for the price.
Can it lead the altcoin season? Price aimed at a new high of 50 USD.
From the daily chart, HYPE/USDT is sprinting towards new highs, currently firmly standing above the 45 USD support level, ready to launch an assault on the historical high of over 50 USD at any moment. Looking back at history, every altcoin season has had a 'leader'—Ethereum in 2017, Solana in 2021, and HYPE is becoming a strong competitor in 2025.
Currently, HYPE has broken through the 20-day moving average, with the price steadily above the critical area of 40 USD, showing strong technical strength. However, caution is warranted; if it falls below 35 USD, it may trigger a bearish structure. But looking at its performance from mid-December 2024 to April 2025 during the bear market, HYPE rebounded strongly from a low of 9 USD, demonstrating investors' confidence in its potential.
Against the backdrop of Ethereum leading the market rebound, HYPE, with the backing of whales, impressive on-chain data, and buyback mechanisms providing support, may truly become the 'dark horse' of this year's altcoin season.