HYPE Explodes to $39.6: A Wild Ride Up From $9!

Hyperliquid's HYPE Token Surges 315% in Less Than Two Months

HYPE just hit an insane intraday peak of $39.6 on May 26, rocketing up from a measly $9 bottom on April 4. This token's on fire!

Right now, Hyperliquid's HYPE is trading at a sizzling $38.3, skyrocketing 315% since its April low. That's pushed its market cap to a whopping $12.85 billion!

This wild rally's fueled by trading volume going through the roof, open interest blowing up, and network fees climbing like crazy.

DeFiLlama's data shows Hyperliquid's seven-day volume jumped 13.36% to a mind-blowing $78.67 billion, making it the top dog in DeFi right now.

When it comes to derivatives, Hyperliquid's crushed it, handling over $1.56 trillion in perpetual futures volume. That's way more than Jupiter's $310.9 billion, the second biggest player. All this action's pushed open interest to a record-smashing $1.39 billion.

Perpetual futures, which are like futures contracts without an expiration date, are the hot new thing for crypto traders. They let you crank up the leverage and go for bigger gains, and that's been a huge boost for HYPE.

Get this: weekly fee revenue just hit an all-time high of $22.26 million, and it's been growing for four weeks straight. That fee spike's a big deal because Hyperliquid could use some of it to buy back HYPE from the market, driving up the price by shrinking supply.

Adding more fuel to the fire, Hyperliquid just sent two bold letters to the U.S. Commodity Futures Trading Commission, responding to their call for input on perpetual futures and round-the-clock crypto trading.

The crypto world's loving it, cheering on Hyperliquid's proactive move with regulators. HYPE shot up about 15% in just hours after the news dropped.

Big investors and institutions are also jumping on the HYPE train. Blockchain data from Lookonchain shows two whales scooped up around $10.09 million worth of HYPE. When whales make moves like that, retail investors often follow, using it as a sign of where the market's headed.

You can already see retail jumping in. Google Trends shows a huge spike in searches for "HYPE," proving more regular folks are getting interested. That's usually a sign more trading and market momentum's on the way.

Technically, HYPE's looking just as strong. On the 4-hour chart, it just broke out of a symmetrical triangle pattern, a classic bullish signal. It's also way above both the 20-day and 50-day moving averages, screaming "buy signal" to traders everywhere.

But wait, there's more! HYPE's shaping up into a perfect cup-and-handle pattern, a bullish setup that's got traders drooling. It's got a rounded bottom, a horizontal resistance, and a short consolidation phase.

For HYPE, the "cup" went down about 67.6% on the 4-hour/USDT chart. If this pattern plays out like it should, we could be looking at a target of around $47.7, a crazy 24.5% higher than where it's at now!

Disclosure: This article's not telling you to buy or sell anything. It's just here to school you on what's happening in the wild world of crypto.