Hyper Liquid's price reached a new high of $29 on Tuesday after its launch on November 29th. This rally was fueled by record levels seen in HYPE's open interest and TVL. Lookonchain data shows that whales are buying HYPE tokens and increasing buying pressure.
HyperLiquid (HYPE), a decentralized perpetual trading platform and layer 1 blockchain, reached an all-time high (ATH) of $29.03 on Tuesday after its recent launch on November 29th. As HYPE’s open interest, on-chain metrics supported the recent rally. (OI) and Total Value Locked (TVL) reached record levels of $4.3 billion and $3.04 billion, respectively.
Furthermore, Lookonchain data shows that whales are accumulating HYPE tokens and increasing buying pressure, hinting at further upside to come.
Hyperliquid hits an all-time high
Hyperliquid is a decentralized platform that allows users to trade perpetual derivatives by aggregating liquidity from various sources. It also allows users to trade cryptocurrencies with leverage.
HYPE’s birth event occurred on November 29th, airdropping 31% of its native token supply to users with a face value of $4.8 billion. Many analysts predicted that HYPE would fail due to the large airdrop. However, the HYPE ecosystem seems to be reaching a community of real users who are committed over the long term. This has led to the recent rally, which reached an all-time high of $29.03 on Tuesday. This surge has brought HYPE's market cap to $9.6 billion, surpassing another decentralized platform, Uniswap (UNI), according to CoinGecko.
Super liquidity chart. Source: CoinGecko
HyperLiquid on-chain indicators support this price increase and suggest a bullish outlook. According to data from cryptocurrency intelligence tracker DefiLlama, HYPE TVL increased from $190.96 million on November 29 to $3.04 billion on Tuesday, its highest level since its launch, and ranks behind Sui (SUI) on the TVL list. It is shown that it is ranked 8th, ahead of Avalanche (AVAX). and Aptos (APT).
This increase in TVL indicates increased activity and interest within the HYPE ecosystem. This suggests that more users will be depositing and utilizing assets within HYPE-based protocols, adding credence to the bullish outlook.
HYPE TVL chart. Source: Defilama
TVL token position chart. Source: Defilama
Additionally, HYPE Open Interest (OI) reached a new ATH of over $4.3 billion on Monday, indicating additional funds are flowing into the market and fresh buying activity, hinting at the potential for further upside. Masu.
Furthermore, Lookonchain data shows that whales are accumulating HYPE tokens and increasing buying pressure. Data shows that on Monday, whales deposited $9.89 million in USDC stablecoins to purchase HYPE tokens. Since December 7th, the whale has spent 17.08 million USDC to purchase 1.02 million HYPE tokens worth $29.44 million. On Tuesday, two more whales added $4.8 million and $3.57 million worth of HYPE tokens.
Despite this recent price surge, rising TVL and open interest, and accumulation of HYPE tokens, traders and investors should exercise caution. This project is still in its early stages and requires close monitoring, considering that early crypto projects can be pump-and-dump.
