Hyperliquid (HYPE) Climbs to $82 as Whale Adds $26M and Platform Burns $2.65M in 24 Hours

Key Takeaways

• HYPE has climbed 4% over the last day, currently priced near $82 with year-to-date gains exceeding 220%
• Major whale investor purchased an additional $26M in HYPE tokens and committed them to staking, expanding total holdings to $322M
• The platform eliminated 32,770 HYPE tokens (approximately $2.65M) through burns within a single 24-hour period at $81 average pricing
• Platform open interest increased from $7.9B to $8.1B over the past week, though Bitcoin trading activity fell 79% during the same timeframe
• Technical analysts project $100 as the next price milestone, though some anticipate a potential retracement to $75 beforehand

The HYPE token from Hyperliquid is currently positioned around the $82 mark, representing a remarkable year-to-date surge of more than 220%. This performance has elevated the asset to the 9th largest cryptocurrency by market capitalization, commanding an $18.2 billion valuation.

Hyperliquid (HYPE) Price

The token experienced a 4% uptick during the previous 24-hour trading cycle, partially attributed to Hyperliquid’s integration of USELESS, a Solana-based memecoin. Following the listing announcement, USELESS saw a 15% price increase alongside a 30% volume spike reaching $173 million.

A prominent whale investor has demonstrated continued aggressive accumulation of HYPE tokens. Data from blockchain analytics platform Lookonchain reveals that wallet 0x6436 acquired an additional 308,569 HYPE tokens—approximately $26 million worth—and immediately staked the entire amount. This transaction elevates the wallet’s complete holdings to 4.05 million HYPE, representing roughly $322 million in value, with all tokens currently staked.

Crypto Banter highlighted this activity on X (formerly Twitter), pointing out that this same wallet address has maintained a consistent buying and staking pattern since early summer, including a substantial 3.24 million HYPE acquisition just last week.

Regarding token supply dynamics, Hyperliquid executed a buyback and burn of 32,770 HYPE tokens—valued at approximately $2.65 million—within a single 24-hour window at an average cost of $81.01 per token, according to blockchain data shared by OnchainLens. The cumulative lifetime burn has now reached 48.57 million HYPE, representing roughly $3.82 billion in value at present market rates.

Technical Pattern Indicates $100 Target, Though Correction Remains Possible

Platform open interest on Hyperliquid expanded from $7.9 billion to $8.1 billion throughout the current week, indicating that market participants continue to establish positions in anticipation of additional price appreciation.

Conversely, Bitcoin trading volumes on the platform experienced a dramatic contraction—plummeting from 3.08 million trades during the week of August 16 to merely 656,000 trades last week, representing a 79% decline. Additionally, a bearish divergence has emerged on the daily chart timeframe, suggesting potential momentum deterioration.

From a technical analysis perspective, a bull flag formation has developed following HYPE’s breakthrough above the $75 resistance level. Market analysts continue to support a $100 price objective but acknowledge the possibility of an intermediate pullback toward $75, which would constitute approximately a 13% decline from current trading levels.

Regulatory Challenges Present Primary Concern, According to Ran Neuner

Ran Neuner, who founded Crypto Banter, participated in Cointelegraph’s Chain Reaction podcast where he identified regulatory oversight as the most significant challenge facing Hyperliquid. He noted that government authorities have already begun implementing regulations for centralized cryptocurrency exchanges and anticipates decentralized platforms will face similar scrutiny moving forward.

Despite this concern, Neuner emphasized that Hyperliquid’s established network effects provide substantial competitive advantages. “You can’t copy a network,” he explained, drawing parallels to Uber’s market position in the ride-sharing industry.

Regarding regulatory developments, President Trump announced in August that CFTC Chair Michael Selig was actively working to facilitate Hyperliquid’s entry into the United States market in a “fully compliant and legal fashion.” HYPE experienced approximately a 20% price surge following that announcement, trading near the $70 level at that time.

HYPE is presently trading at $82 with a fully diluted market valuation of approximately $78.4 billion.

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