Hyperliquid Flips Sui As Whale Dumps 1.45M $HYPE

Highlights:

• Hyperliquid reaches $12.73B market cap, flipping Sui’s $12.02B position.
• Protocol generates $55.4M in May fees with $746M projected annual revenue.
• Whale sells $14.5M in HYPE after 5-month hold, still holds over $40M in tokens.

Hyperliquid (HYPE) has surpassed SUI in market capitalization after increasing by more than 250% since March 2025. The protocol has experienced higher revenue, a growth in open interest on futures and continued large investor activity, involving both buying and selling.

While retail sentiment is down, the protocol is still generating revenue and fee income. While one big owner has started selling, other big wallets are still buying $HYPE.

Hype Surpasses Sui in Market Value

Sui stands at $3.43 and a market cap of $11.45 billion, while Hyperliquid is leading with a price of $36.29 and a market cap of $12.13 billion.

While Sui has the most 24-hour volume at $846 million, HYPE’s smaller supply of 333.92 million tokens is what makes its price stronger.

Hyperliquid has also seen better price gains. The token has increased by 35.61% in the past seven days and by 105.59% in the last 30 days.

Sui is down 4.78% in the last 24 hours and has lost 0.77% over the past month. The graphs demonstrate that the performance of these tokens has become quite different in recent times.

On-Chain Revenue Surge Fuels Hype Market Strength

Additionally, on-chain revenue for Hyperliquid has also hit new achievements. Aiyi data shows that the protocol collected $55.4 million in fees and earned $51.81 million in revenue in May 2025. On May 21 alone, the company collected $4.65 million in fees and $4.32 million in revenue, all in one day.

Since the token earns revenue from both fees and token auctions, some of the fees are used to buy back $HYPE, these numbers directly help maintain the token’s value.

When annualized, Hyperliquid is expected to generate $746 million, which is more than many centralized exchanges make.

Technically, the cryptocurrency has broken out of a long accumulation zone and just reached its previous highest point.

Once it surpassed $35, it went up to $38 and is still heading higher. According to analysts the $22–$25 area could be a good place to buy if the price drops, and the next goal could be $42.

Whale Dumps $14.5M in HYPE Amid Shifting Retail Sentiment

Still, there are signs that growth might slow down at some point. Lookonchain reports that whale wallet 0x82d8, who bought 1.45 million $HYPE for $26.58 million between December 2024 and January 2025, is now selling those tokens.

Over the past three days, he sold 395,000 tokens for $14.51 million at an average price of $36.69.

At the same time, retailers are feeling less positive. The sentiment index was steadily rising from April 26 to May 24, reaching a high of 4,950, but it is now going down. RSI, a technical indicator, agrees that the asset is currently overbought.

Even so, large buyers continue to be involved. Over the last two days, five major investors on Lookonchain purchased a total of 794,104 $HYPE for $27.8 million.

A further three whales bought 137,929 $HYPE for $5.33 million, with each token costing between $38.55 and $38.92. Whale buying helps to reduce the effects of selling and gives the market a temporary lift.

Derivatives Traders Flood in as Open Interest Hits $1.39B

Futures data reveals that speculative activity is increasing. Since early May, the amount of $HYPE futures contracts has risen sharply and reached more than $1.39 billion.

At the same time, high volume indicates that many people are taking part in the market. The price of Bitcoin rose to $39.5 on May 25 while trading volume soared past $2 billion.

Since both open interest and volume are going up, it looks like traders are preparing for prices to rise even more.

Moreover, the strong revenue growth, significant buybacks, and rising derivatives activity indicate that demand for Hyperliquid is still high. Even though the whale sales worry some, both on-chain and trading data highlight that the market is still active and supported by institutions.

Disclaimer

In this article, the views and opinions stated by the author or any people named are for informational purposes only. And they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.