Hyperliquid’s native token HYPE has been on a tear, surging above 18% in value as the platform’s open interest hits new highs.. Consequently, it hit a new all-time high of around $47.4 on Saturday. Notably, the platform’s open interest (OI) increased, surpassing the $10.6 billion mark, according to recent records on the crypto data platform Coinglass.
HYPE Jumps on Record Volume
Notably, the surge in Open Interest on Hyperliquid indicates increased trading activity and market participation, reflecting the platform’s liquid and active market. This growth can attract more traders and investors, further solidifying Hyperliquid’s position in the DeFi derivatives ecosystem.
As Hyperliquid’s native token, HYPE serves as the utility crypto across all Hyperliquid’s platforms. It enables staking and secures the network via proof-of-stake consensus. It also facilitates transactions as the gas token, promoting decentralization and seamless operations within the ecosystem. Thus, investors and traders in the system regularly need to purchase the coin.
Hyperliquid introduced HYPE, its native token, via a community airdrop in November. Users who accumulated rewards over six months before May 2024 received five tokens per point. The token’s launch was successful, surging 11% to reach a $4.2 billion FDV and $1.4 billion market cap.
However, the platform faced a setback earlier this year when a market manipulation incident resulted in a $12 million loss for Hyperliquidity Provider (HLP), prompting the delisting of the Solana-based memecoin JELLYJELLY.
Market Rally Follows Bitcoin’s Lead
Notably, the crypto market has been on the green side with the world’s leading cryptocurrency, bitcoin (BTC), breaking records to reach a new high above $119,000.
Meanwhile, HYPE was not the only altcoin shooting high alongside bitcoin. Many others with even higher market capitalization, like SOL, XRP, and BNB, are jumping 10%, 16%, and 4% to monthly highs, respectively. In anticipation of the H2 2025 bull run, investors have scooped up units of various other coins in the market, leading the total crypto market capitalization above $3.67 trillion.
Another coin that also joined the uptrend is PENGU, the native cryptocurrency of the Pudgy Penguins NFT project, which surged 33%. This uptrend followed the United States Securities and Exchange Commission’s acknowledgment of Canary Capital’s spot PENGU Exchange Traded Fund (ETF) application. The token’s price rose to $0.0198, with its market cap increasing by 32% to $1.2 billion. Despite still being 65% below its ATH, the development has sparked renewed interest and bullish predictions for PENGU.
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