Deng Tong, Golden Finance
On August 27, 2025, HYPE briefly reached $50, setting a new historical high, and as of the time of writing, is at $50.932, with a 24-hour increase of 15.55%.
What has caused HYPE to surge? How high can HYPE rise in the future?
I. What reasons propelled HYPE's rise?
1. Whale actions
On August 27, according to on-chain analyst Ai, address 0xFF0…24FbF withdrew 10 million USDC from Coinbase in the past hour, then deposited it into Hyperliquid to purchase $9 million worth of HYPE.
On August 27, according to OnchainLens monitoring, a whale deposited $8.06 million in USDC into Hyperliquid and purchased 169,259 HYPE at a price of $47.6 per token.
On August 27, according to monitoring by Lookonchain, two whales purchased 358,279 HYPE ($18.23 million) in the past 12 hours.
Galaxy Digital also holds a long position in HYPE. On August 25, Galaxy Digital founder and CEO Mike Novogratz commented on a tweet by Syncracy Capital co-founder Ryan Watkins stating, "In the past 24 hours, Hyperliquid's BTC spot trading volume surpassed the sum of Coinbase and Bybit," saying, "Impressive work. Full disclosure, we hold a long position in HYPE tokens."
According to on-chain analyst Onchain Lens, from August 20 to 25, a whale deposited approximately $4.26 million into HyperLiquid, purchasing 96,976 HYPE tokens at a price of $43.84 each.
On August 4, according to crypto analyst MLM, Paradigm may hold 19,134,900.46 HYPE, valued at approximately $765.4 million; estimated average price is $16.46, with a total cost of approximately $315 million.
2. New high in Hyperliquid's spot trading volume
Since May, Hyperliquid has maintained strong momentum. At that time, its trading volume of $256 billion first exceeded Robinhood's $192 billion.
In June, Hyperliquid led with $231 billion, while Robinhood had $193 billion.
In July, Hyperliquid's spot and perpetual contract trading volume reached $330.8 billion, far exceeding Robinhood's $237.8 billion, by a margin of 39%.
On August 25, thanks to a surge in BTC and ETH deposits and trading through Hyperunit, Hyperliquid set a new record for 24-hour spot trading volume, reaching $3.4 billion. This made Hyperliquid the second-largest exchange by spot Bitcoin trading volume, with $1.5 billion in Bitcoin transactions alone. This trading milestone proves Hyperliquid's ability to handle institutional-scale order flows, enhancing its market appeal.
High spot trading volume brings tangible benefits to HYPE holders — its tokens are regularly repurchased through auxiliary funds utilizing trading fee income, directly linking platform usage to the long-term value of HYPE.
3. Multiple companies establish HYPE treasury
On July 13, Nuvve, a clean energy electric vehicle charging technology company listed on NASDAQ, announced the issuance of 5,029,403 shares of common stock at a public offering price of $0.95 per share, raising approximately $4.8 million. Lucid Capital Markets served as the book manager for this issuance. Nuvve stated that it would use the funds to purchase and establish a Hyperliquid native token HYPE to build a reserve of HYPE tokens. The company previously disclosed that management had decided to establish a digital financial strategy and intended to use 30% of idle funds to purchase Bitcoin.
On June 20, Everything Blockchain Inc. (EBZT), a publicly traded company in the U.S., announced plans to invest $10 million into five major blockchain networks: Solana (SOL), XRP, Sui (SUI), Bittensor (TAO), and Hyperliquid (HYPE), to create a multi-token staking vault aimed at institutional adoption trends.
On June 18, clinical-stage ophthalmic biopharmaceutical company Eyenovia announced a $50 million investment to initiate a Hyperliquid (HYPE) treasury reserve strategy.
On June 12, Canadian publicly listed company Tony G Co-Investment Holdings Ltd. announced that as part of its long-term digital asset strategy, the company has completed the acquisition of Hyperliquid ecosystem native asset HYPE tokens, purchasing a total of 10,387.685 HYPE tokens at an average purchase price of $42.24 per token, totaling $438,828.46.
4. High-performance L1 supports the operation of Hyperliquid
Hyperliquid's Layer 1 is designed for high-performance perpetual contract order book trading, utilizing a custom consensus algorithm called HyperBFT, which fully on-chains margin and matching engine states. Hyperliquid is responsive, with a median latency of 0.2 seconds (99th percentile at 0.9 seconds); it has a high throughput advantage, processing 200,000 transactions per second; capable of handling over $10 billion in daily trading volume. The Hyperliquid platform is highly attractive to high-frequency traders and DeFi developers, thus, HYPE, which is deeply tied to Hyperliquid, is also bound to rise.
II. How high will HYPE rise in the future?
As early as May 23, BitMEX co-founder Arthur Hayes was optimistic about HYPE's trajectory and posted on social media, stating that HYPE's market capitalization in this bull market may surpass SOL, asking the community: What do you think fam?
On August 25, Arthur Hayes expressed optimism about HYPE again, predicting that HYPE would rise 126 times in the next three years. Hayes believes that Hyperliquid's future is closely linked to the expansion of stablecoins, describing Hyperliquid's strategy of integrating stablecoin liquidity and optimizing cross-chain settlement as the "main driver" for future growth.
Hayes predicts that by 2028, the global supply of stablecoins could reach $10 trillion, with Hyperliquid capturing 26.4% of that market. He explained that this level of adoption would fundamentally change the economics of exchanges. Hyperliquid currently has a daily trading volume of $11.9 billion, which could soar to $2.63 trillion, with an annual fee income of $25.8 billion based on a standard commission rate of 0.03%, which would increase the value of HYPE 126-fold over the next three years.
On the daily chart, HYPE is consolidating around the middle of the Bollinger Bands, indicating price stability; however, as the Bollinger Bands start to tighten, the possibility of a bullish breakout seems to be forming.
Moving average analysis shows a clear bullish trend. From the 10-day exponential moving average (EMA) ($44.16) to the 200-day simple moving average (SMA) ($29.32), all key indicators currently show buy signals, confirming the upward trend.
III. Summary
With the support of market sentiment, whale funding, technical support, and other factors, HYPE has broken the common view that "DeFi cannot replace CEX" with new highs. HYPE has become the focus of the market. However, whether HYPE can achieve a 126-fold increase in three years, as predicted by Hayes, still requires time to verify. Factors affecting HYPE's price include changes in the macro financial environment, overall volatility in the crypto market, regulatory policy formulation, and competition among exchanges, which investors need to approach with caution.
