Hyperliquid continues to establish itself as one of the key narratives during the 2025 cycle, as HYPE reached a new all-time high. HYPE traded above $44 on Monday, on a mix of BTC bets and direct buying.
HYPE keeps reflecting the growing usage of Hyperliquid, as well as speculations of rising to a three-digit price. HYPE climbed again on Monday, reaching new records above $44.70. The token has not seen significant selling pressure, while derivative traders are mostly bullish.
One of the top HYPE whales longing the token has achieved unrealized gains of over $13.93M. The whale is ranked at #58 on the trading leaderboard, with over 121% in profits for the last month, and over $10M in realized gains for the past 30 days.
The potential of HYPE continues to invite whales, both on Hyperliquid or other exchanges. Open interest for HYPE is above $1.89B after constant growth in the past few days. Long and short ratios are still balanced, as traders are still wary of a potential correction.
The HYPE rally also spread to the chain’s major meme token, PURR. The asset rallied by over 19% in the past day, back above $0.29. PURR has been more volatile compared to HYPE, but its considered as another proxy for the success of Hyperliquid.
HYPE sets expectations of a larger rally
HYPE has so far reflected the overall crypto market sentiment, crashing as low as $12 during the March and April slump. Currently, HYPE is free from selling pressure or unlocks, and continues to behave as a meme token, supported by the Hyperliquid community. There are no outsized attempts to short HYPE even at its new record price.
HYPE remains risky, as most of its volumes hinge on the native exchange, with few other tools for price discovery. The token may continue to rally, as long as the crypto market conditions remain positive.
Currently, Hyperliquid achieved the highest earnings among decentralized protocols, both on a daily basis and for the past 30 days. Hyperliquid generated $65.3M in earnings, with constantly expanding volumes and trading.
The perpetual futures DEX is on track to break above 500K registered users, while growing its volumes and inflows since April.
Hyperliquid also established itself as the exchange for whales, with some addresses easily posting over $300K in daily volumes. The high-profile performance of whales continues to boost the influence of Hyperliquid, despite the risky trades.
In the past few days, Hyperliquid’s most notorious trader James Wynn has abandoned his large-scale positions, instead remaining with one minimal BTC long with 40X leverage. Wynn has seen some skepticism about his trades, suggesting the positions were hedged on other markets and through anonymous accounts. Wynn also does not hold any HYPE tokens.
Wynn shifted again to promoting meme tokens, posting about looking into low-priced tokens with the potential for a 1000X breakout.
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