The Hyperliquid token HYPE▲$59.28 has been attracting increased attention from crypto market players recently. The reason is explosive growth even amid a sluggish market. We analyzed what is behind the altcoin’s success.
The Hyperliquid token HYPE continues to show one of the strongest performances among major crypto assets. At the time of writing, the price reached $57.55, a 20.5% gain over the last 24 hours. Just about 2% remains until the all-time high (ATH) of $59, reached in September 2025.
Hot topic: Hyperliquid HYPE current price May 2026 and year forecast
Over longer timeframes, the performance is even more impressive:
- Over the past week: +50.5%
- Over the past two weeks: +36%
- Over the past month: +44%
- Over the past year: +124%
The Bitcoin Foundation editorial team has gathered everything you need to know about crypto’s new rising star.
Contents
Reasons for HYPE’s Sharp Rise
The main driver was a classic short squeeze. According to Santiment, funding rates were deeply negative before the rally. Many traders had aggressively opened short positions. When the price began to rise, liquidations only amplified the move.
Over the past 24 hours, short positions saw $30.66M liquidations, compared to just $1.08M in longs. Open interest has not collapsed but has actually grown, now exceeding $2.5B. This suggests that new buyers are actively replacing liquidated shorts.
HYPE Is One of the Most Undervalued Assets on the Market
Bitwise Chief Investment Officer Matt Hougan called HYPE “one of the most undervalued assets in the crypto industry today.” In his view, the market continues to perceive Hyperliquid solely as a perpetual futures DEX, while the platform has already transformed into a “global super-app” offering stock trading, prediction markets, and other asset classes.
Hougan noted that nearly half of Hyperliquid’s trading volume now comes from non-crypto assets, and this share could grow to 70% by year end. He emphasized that the HYPE token was designed from the start to accrue platform value, with 99% of fees going toward token buybacks.
Read more: Arthur Hayes — HYPE Will Help Hyperliquid Capture the Prediction Market
Success of HYPE-Based ETFs
Institutional interest in the token is also growing. Two spot ETFs, THYP from 21Shares and BHYP from Bitwise, have shown significant increases in trading activity.
According to Bloomberg, trading volumes for the funds have multiplied since launch. On the sixth day of trading, HYPE ETF inflows outpaced even Bitcoin and Ethereum ETFs on a relative basis.
What’s Next for HYPE?
The altcoin’s current rally is already impressive. However, analysts believe the token has not yet exhausted its potential. If Hyperliquid continues to expand its product lineup and integrate with traditional finance, HYPE has a strong chance of updating its ATH in the near future.
Learn more: Current Altcoin Season Index May 2026
