HYPE price eyes $50 as Hyperliquid crosses $2b milestone

Hyperliquid jumped by 330% from its lowest level in April and could be on the verge of more gains after crossing a key $2 billion milestone.

Hyperliquid’s (HYPE) price was trading at $40.4 on Sunday, June 15, a few points below the all-time high of $43.96. Its market capitalization has moved to $13 billion, while its fully diluted valuation rose to $40.75 billion.

DeFi Llama data shows that the total value locked of Hyperliquid’s layer-1 chain has jumped to $2.01 billion after soaring by 70% in the last 30 days. This growth makes it the 11th biggest chain in the crypto industry, passing popular networks like Cardano, Hedera Hashgraph, and Near Protocol. 

The biggest players in Hyperliquid’s layer-1 network are Hyperliquid itself, Hyperlend, Felix, Morpho, and Hyperbeat. 

Further data shows that Hyperliquid has become one of the biggest players in the stablecoin industry. It has $3.7 billion of stablecoins in its layer-1 network, a big increase from $2 billion in January this year. 

An increase in stablecoin volume is a sign that the network is highly active. Most importantly, Hyperliquid is the sixth biggest player in the stablecoin industry after Ethereum, Tron, Solana, BNB Chain, and Base. 

Meanwhile, Hyperliquid’s perpetual exchange has continued to gain share in its industry. It handled over $4.43 billion worth of transactions in the last 24 hours, much higher than the other top-ten platforms combined. Its monthly volume jumped to $242 billion. 

More data shows that investors are staking their HYPE tokens, as the staking market cap has jumped by 16% in the last seven days to $17.1 billion.

HYPE price technical analysis

The eight-hour chart shows the HYPE price has been in a strong uptrend in the past few months, moving from a low of $9.29 in April to $40 today. It has moved above the ascending trendline that connects the lowest points since May 12. 

Hyperliquid token is above the 50-period and 100-period moving averages and the key support at $39.94, the highest point in May. Therefore, the token will likely continue rising as bulls target an all-time high of $43.95. A move above that level will point to more gains, potentially to the psychological point of $50.