The HYPE price continued its strong uptrend, reaching its highest level on record as the Hyperliquid ecosystem continued to fire on all cylinders. It jumped to $57.68, up by 530% from its lowest level this year.
Hyperliquid Network is Firing on All Cylinders
Data compiled by DeFi Llama shows that all parts of the Hyperliquid ecosystem are doing well this year.
First, the total value locked in the Hyperliquid Layer 1 network jumped to a record high of $8.17 billion, a big jump for a network that had just $352 million when the year started. Most of this growth is from applications like Kinetiq, Pendle, Hyperliquid, Hyperlend, and Morpho.
Second, DEX networks in Hyperliquid handled over $1.48 billion in volume in the last 24 hours, making it one of the biggest chains in the crypto industry.
Third, and most importantly, the amount of stablecoins in the network rose to a record high of $6.03 billion, up by $371.5 million in the last seven days. Most of this growth was from Tether, whose assets rose by 30% to $177 million. USDC still has the biggest share in the network with over $5.7 billion in assets.
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Meanwhile, Hyperliquid, its core product, which offers a perpetual trading platform, had a record high volume of $398 billion in August. It has already handled $111.2 billion this month so far.
Its monthly revenue jumped to an all-time high of $110 million in August, up from $93 million in the previous month. The cumulative revenue jumped to $669 million, making it one of the most profitable networks in the crypto industry.
These numbers are important for the HYPE price because 97% of the protocol fees are used for automated buybacks and burns. Over 25.7 million tokens worth over $1.3 billion have been burned so far, reducing the supply to 334 million HYPE tokens.
HYPE Price Technical Analysis
The daily timeframe chart shows that the HYPE price has been in a strong surge after bottoming at $9.35 in April this year. It rose and reached a high of $57.16, up by 515% from its lowest level this year.
Hyperliquid token recently moved above the important resistance level at $49.75, invalidating the forming double-top pattern.
HYPE remains above the 50-day moving average, while the Relative Strength Index (RSI) and the MACD indicators have continued rising.
Therefore, the token will likely continue rising as bulls target the next key resistance at $60. In the long term, the token will likely hit the important psychological level at $100.
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