Hyperliquid token (HYPE) is holding near $47.9, up 0.6% in 24 hours, as traders digest a volatile week that saw the token briefly double in price on rival DEX Lighter.
Despite the flash surge, $HYPE’s fundamentals remain intact, as fees are rising, on-chain revenue is robust, and the project’s new buyback program continues to attract long-term holders.
Whale Trades, SEC Filing, and Exchange Rivalry
A mix of catalysts has kept Hyperliquid in the spotlight this week. On October 23, Hyperliquid Strategies Inc. filed an S-1 registration with the U.S. SEC to raise $1 billion, with a portion of proceeds earmarked for potential $HYPE token purchases, according to BanklessTimes.
Days later, a misconfigured trading bot on Lighter Exchange caused a momentary price spike from $47 to $98, generating nearly $10 billion in notional volume before reverting.
Oracle protections prevented major liquidations, but the event highlighted growing competition among decentralized derivatives venues.
Despite the chaos, on-chain data from DeFiLlama paints a strong operational picture: the protocol has generated $111 million in fees over the last 30 days, Holders’ revenue (30D) of $98.9 million, and $1.21 billion in annualized revenue. That translates to $3–4.5 million in daily fee income.
Meanwhile, the HIP-3 upgrade introduced on October 13 is beginning to bear fruit. By allowing builders to deploy perpetual markets through staking 500,000 HYPE, it’s already attracting projects like tokenized Nasdaq futures (XYZ100), which saw $72 million in 24-hour volume.
However, the broader story around Hyperliquid remains one of execution versus competition. With a 67% share in decentralized perpetuals, the project dominates the niche, but new entrants like Aster (Binance-backed) and renewed BNB Chain integrations could pressure volume if liquidity migrates.
Still, the $644 million Assistance Fund buyback program adds a reflexive layer of support. By systematically reducing circulating supply (now 336.68 million HYPE out of 1B max), it could strengthen token economics heading into Q4.
Hyperliquid Price Prediction
Hyperliquid coin remains in a tight range between $47 and $49, consolidating after recent volatility.
The Relative Strength Index (RSI) sits around 57.9, signaling neutral momentum, while the MACD is turning mildly bullish. Bollinger Bands are also tightening, hinting at a potential volatility squeeze.
TradingView data shows short-term swings but a steady medium-term uptrend, up 35% in the past week and 140% over six months.
If HYPE can hold above $48, analysts expect a move toward the $50–$52 resistance zone, though a break below $47 could see a retest of $45.5 support.
Still, with solid fundamentals and an ongoing buyback program, downside risks look relatively limited for now.
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