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HYPE price climbed to a new record above $82 as trading activity on Hyperliquid accelerated during the broader crypto-market recovery. The token reached about $82.58 on Aug. 22 before pulling back toward the upper-$70 range.
The rally has coincided with higher perpetual-futures volumes, growing platform balances, and renewed U.S. regulatory optimism. Hyperliquid’s fee model also continues directing protocol revenue toward HYPE purchases through its Assistance Fund.
Hyperliquid Perpetual Volume is Rising
There are signs that the volume handled on Hyperliquid is surging as the crypto market rally ignites. Data compiled by DeFi Llama shows that the volume jumped to $200 billion in the last 30 days and $58 billion in the last seven. If these numbers are accurate, Hyperliquid has become one of the biggest exchanges in the industry.
Centralized and decentralized exchanges typically perform well when the crypto market is rallying. At the same time, Hyperliquid is benefiting from the ongoing volatility in the stock and commodity markets. In the past few months, it has launched several tokenized stocks and commodities on the platform.
Hyperliquid’s growth may accelerate in the coming months, especially if it gains access to the vast US market. In a statement this week, President Donald Trump announced that he would be open to allowing the platform to the country.
These developments are driving key Hyperliquid metrics higher. For example, the network has made over $37 million in fees this month, and may pass the $55 million it made last month.
A surge in fees is usually beneficial to the HYPE token because it leads to more burns and buybacks. Data shows that close to 48 million HYPE tokens have been burned, with most of them being on the Assistance Fund. Token burns usually boost token prices by reducing the circulating supply.
More Hyperliquid Metrics are Doing Well
A closer look at more data shows that its network is doing well. The Total Value Locked (TVL) has jumped to $1.48 billion, its highest level since July 7 this year, and much higher than this month’s low of $1.2 billion. The biggest dApps in the platform are Kinetiq, HyperLend, Morpho Blue, and Hyperliquid.
Meanwhile, the amount of stablecoins in the platform has continued rising this month, a sign that its layer-1 platform is gaining momentum. There are now stablecoins worth over $6 billion, making it one of the biggest chains in the industry. The top stablecoins in the chain are USD Coin (USDC) and USDH.
The amount of DEX volume on the platform has soared amid the ongoing crypto market rally.
All these metrics likely explain why American investors are buying spot HYPE ETFs. These funds have had over $9.47 million in inflows this month, a big reversal after they lost $15.16 million last month. Soaring ETF inflows sends a sign that investors are in accumulation mode.
HYPE Price Technical Analysis
The daily chart shows that the HYPE price bottomed at $51.25 on August 1 and then started a rebound that accelerated this week. It jumped and eventually crossed the important resistance level of $77, its highest level on June 16 and the previous all-time high.
The coin has now soared above the 50-day Exponential Moving Average (EMA) and the Supertrend indicator. Also, the Relative Strength Index (RSI) has continued rising and is now at 78, its highest level in months.
Therefore, the path of the least resistance for the token is bullish, with the next key target to watch being at $100. A drop below the support level of $70 will cancel the bullish outlook.
