Yesterday the value of Hype recorded a brand new all-time excessive (ATH).
The height was recorded above $62, and was then adopted by a really small correction that introduced it again under $60.
Now, to inform the reality, it has additionally fallen under $58, however these newest actions are actually negligible in comparison with what it had finished within the earlier days.
Hype
Hype is the native token of Hyperliquid.
In actuality, from a strictly technical standpoint, Hype needs to be thought of an actual cryptocurrency, on condition that Hyperliquid can be a level-1 blockchain, however it operates as a kind of Ethereum layer-2. This typically results in Hype being outlined solely as a token, regardless that it’s really an actual cryptocurrency.
Hyperliquid the truth is will not be solely the principle DEX on the planet for crypto perp buying and selling, however additionally it is an unbiased layer-1 blockchain.
Nonetheless, its relationship with Ethereum, albeit oblique, is prime.
Not solely is the Hyperliquid blockchain totally appropriate with the Ethereum Digital Machine, however it additionally has an built-in bridging system that enables the direct switch of ETH, USDC and different belongings from Ethereum and Arbitrum to Hyperliquid.
So the transfer from Ethereum to Hyperliquid is virtually direct, and is carried out the truth is with a single click on straight on the DEX. Customers don’t understand any discontinuity, and subsequently are inclined to imagine, mistakenly, that Hyperliquid is an Ethereum layer-2 like Arbitrum, and never a real layer-1.
This issue, nonetheless, performs an important function each with regard to the success of Hyperliquid and, not directly, with regard to the market worth of Hype.
The success of Hyperliquid
Hyperliquid as a DEX works very effectively.
The truth is, it’s a very quick, very high-performance decentralized trade, and it permits the buying and selling of crypto perpetual futures (perps) with the potential for opening each lengthy and quick positions, and in addition with leverage.
The truth that there’s nearly no discontinuity with Ethereum has meant that liquidity has flowed very simply from Ethereum to Hyperliquid, and this has introduced numerous it in a short while onto the brand new blockchain.
Suffice it to say that in simply six and a half months, from the start of December 2024 to mid-Might 2025, its TVL went from zero to at least one billion {dollars}, then occurring to succeed in the all-time excessive in September of the identical yr at 2.7 billion.
With the beginning of the crypto bear market its TVL fell, however it by no means once more dropped under 1.1 billion.
Certainly, ranging from the tip of January 2026 it rose once more a bit, as much as the present 1.7 billion {dollars}.
It’s now the seventh blockchain on the planet by TVL, regardless of being lower than two years outdated, but when we exclude Bitcoin (i.e. Lightning Community) and Base (which is a layer-2 on the planet), it turns into the fifth.
The primary ATH of Hype
In gentle of all this, the outstanding efficiency of the Hype token is sort of straightforward to elucidate.
Nonetheless, an vital clarification must be made on this regard.
The preliminary worth of Hype, in December 2024, was about $3.2, though this was in all respects a launch worth that was too low, a lot in order that in a couple of weeks it had already risen above $30.
As an “preliminary” reference level it’s higher to take the $20 of January 2025.
Ranging from the tip of February final yr there was the primary correction, which introduced it to $10. In different phrases, in lower than two months it misplaced 50% of its market worth.
In mid-April, nonetheless, there was already a rebound, which lasted nearly 5 and a half months and led to the primary actual all-time excessive, above $58. This, amongst different issues, can be roughly the present worth degree.
Nonetheless, that turned out to be solely a mini-bubble, and in reality it burst in September.
The burst ended up bringing the value of Hype again to these very $20 which can be the beginning reference level of the bubble itself.
The present state of affairs
On the finish of January 2026 the second rebound occurred.
Up to now this rebound has been occurring for 4 and a half months, that’s, a length not a lot shorter than that of final yr’s mini-bubble.
Furthermore, from the place to begin the continuing rebound has already pushed the value of Hype up by nearly 200%, so {that a} comparable dynamic seems very near that of final yr’s mini-bubble.
Nonetheless, there are a few variations.
The primary is that final yr’s mini-bubble began to inflate from $10, whereas the 2026 one began at $20.
The second is that it has been lasting 4 and a half months, whereas final yr’s lasted one month longer.
If, nonetheless, we take $20 as a reference, final yr it took 135 days to go from $20 to $58, after which appropriate nearly immediately to $40 inside a couple of days. This time it took 130 days to go from $20 to $62.
Subsequently, the danger that the ATH recorded yesterday might precede the bursting of a brand new mini-bubble, maybe within the coming days, doesn’t appear negligible in any respect.