Crypto: Hype Price Soars 58% Amid Exploding Commodities Trading On Hyperliquid

HYPE has entered a classic breakout stage after its onchain activity exploded, with a 45% price rally to $50 next in the cards.

Hyperliquid's native token, HYPE (HYPE), is up 23% over the last 24 hours to trade at $33, significantly outperforming other top-cap cryptocurrencies. The altcoin has gained 58% over the last three days to an eight-week high of $34.5 as commodities trading on Hyperliquid surged to new highs.

HYPE has surged over 57% in 72 hours, driven by high commodities trading on Hyperliquid HIP-3 DEXs.

HYPE price breaks out of a multimonth downtrend, eyeing $50 next.

HYPE’s rally over the last few days has been accompanied by significant liquidations across its derivatives market. According to data from Coinglass, more than $34 million leveraged HYPE positions have been liquidated over the last 72 hours, with $32.2 million representing short liquidations.

Related: Fundstrat’s Lee sees a crypto comeback once precious metals cool

Its open interest (OI) surged 48.7% over the same period to $1.82 billion on Wednesday, signalling the return of derivatives traders. Futures OI increasing alongside the price indicates a growing interest from investors, which is generally seen as positive during an uptrend, as it tends to increase liquidity.

Investor interest in HYPE came as Hyperliquid’s HIP-3 decentralized exchanges (DEXs) recorded a new milestone, with their OI rising to a new high of $935 million on Wednesday.

The daily trading volume across all HIP-3 DEXs also hit a record high of $1.78 billion, as shown in the chart above.

“Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world,” Hyperliquid CEO Jeff Yan said in an X post on Monday, adding:

Source: CoinTelegraph