HYPE (Hyperliquid) rose 3.06% in the last 24 hours.

Gate News Bot news, on August 26, according to CoinMarketCap data, HYPE (Hyperliquid) is currently reported at $45.44, rising 3.06% in the last 24 hours, with a high of $47.23 and a low of $40.43. The 24-hour volume has reached $370 million. The current market capitalization is approximately $15.173 billion, an increase of $450 million compared to yesterday.

Hyperliquid is a project aimed at becoming the "blockchain that accommodates all finance." The flagship application of this project is a decentralized exchange with features such as low fees, zero gas fees, up to 40x leverage, and a fully on-chain order book. Hyperliquid has a block time of 0.07 seconds, a maximum TPS of 200,000, and currently has 675,500 users.

Important recent news about HYPE:

1️⃣ Large institutional investors are actively entering the market Recently, multiple large institutional investors and well-known individuals have shown strong interest in HYPE. Galaxy Digital founder Mike Novogratz publicly disclosed holding a long position in HYPE, while "Brother Ma Ji" Huang Licheng went long on HYPE with 10x leverage, holding 100,000 tokens worth approximately $4.41 million. Additionally, Abraxas Capital has recently bought a large amount of PT-kHYPE, accumulating 146,500 tokens worth $6.5 million. The entry of these institutions and high-net-worth individuals reflects market confidence in HYPE and may become an important factor driving the price rise.

2️⃣ Hyperliquid platform trading activity has significantly increased Multiple large transaction activities have emerged on the Hyperliquid platform. One trader deposited 7.49 million USDC and established high-leverage positions in multiple cryptocurrencies, while another trader deposited 6.69 million USDC and shorted ETH with 3x leverage. At the same time, the platform has attracted some long-silent whales back to activity, such as a whale that had been silent for 8 months depositing 1.56 million USDC and starting to trade. These activities indicate that the liquidity and volume on the Hyperliquid platform are rising rapidly, reflecting users' confidence and activity on the platform.

3️⃣ Hyperliquid protocol revenue shows significant rise In the past 24 hours, Hyperliquid's protocol revenue reached $6.11 million, ranking third among all DeFi protocols, only behind Tether and Circle. This significant rise in revenue highlights the platform's profitability and user activity. High revenue not only contributes to the platform's sustainable development but may also directly impact the value of HYPE token through mechanisms such as buybacks.

From a technical perspective, the HYPE token recently broke through previous resistance levels, showing strong pump momentum. However, it is worth noting that according to on-chain data, some early large buyers have begun to sell off HYPE in batches and shift to going long on ETH, which may exert some pressure on short-term price trends.

This message is not intended as investment advice; investors should be aware of market volatility risks.