Key Takeaways:
- Hyperliquid’s HYPE token hit a new all-time high of $76.70 on June 16, recording a 10% surge in 24 hours.
- Hyperliquid’s programmatic buyback mechanism is the primary catalyst for this surge.
- Moreover, Hyperliquid captures a massive market share by offering pre-IPO perpetual futures contracts, notably SPCX.
- Bitwise purchased approximately 77,100 HYPE tokens worth around $5.2 million.
- Analysts predict the HYPE price to reach $83 to $98, with a long-term target of $300.
HYPE Price Sets A New Record
On June 16, the Hyperliquid (HYPE) price reached an all-time high of $76.61, becoming one of the top-performing tokens. According to market analysts, the price surge was fueled by increasing activity across the Hyperliquid ecosystem. After briefly hitting the new record, the HYPE price retracted to $72.50.
Even with its recent pullback, HYPE is still trading 30% higher than last week and roughly 52% above its price from a month ago.
What’s Driving the Sudden HYPE Surge?
The primary catalyst for HYPE’s price surge is Hyperliquid’s expansion over the years. It has been rolling out new features and attracting more users. The network’s steady growth helped generate higher fees.
Hypeliquid’s buyback system is also a major driver of the recent price surge. In this model, 97% of trading fees will be used to buy and burn HYPE. This reduces overall token supply, which causes constant buying pressure.
In 2026, Hyperliquid recorded high trading activity, which generated revenue growth. The cumulative revenue reached $1.16 billion, making it one of the highest-earning crypto protocols. The data from CoinGlass indicates that market trends no longer back Hyperliquid’s recent growth. It has moved into a massive multi-billion-dollar platform, funneling profits to token holders. It has about 8.3% of global perpetual futures open interest, with total open interest rising above 9.6 billion. The same data indicates that Hyperliquid’s annualized protocol revenue surpassed $1 billion.
When HYPE prices moved towards $70, several traders who bet against the rally had to close positions. This caused short liquidations and pushed prices higher.
Moreover, buying pressure increased when Bitwise, a leading asset management platform, purchased approximately 77,100 HYPE tokens worth around $502 million to support its newly launched Bitwise Hyperliquid ETF.
Hyperliquid’s HIP-3 framework requires around $33.5 million worth of HYPE tokens per market to launch synthetic trading venues. Such HYPE token requirements have increased overall demand, while new markets emerge on the platform.
Hyperliquid’s SpaceX pre-IPO Perpetual Futures Contract
Hypeliquid’s SpaceX pre-IPO perpetual futures contract (SPCX) is a synthetic USDC-settled derivative that allows traders to speculate on the implied valuation of SpaceX stock without holding actual shares. This generated billions in trading volume, and large whale accumulation helped increase the platform’s revenue.
Ventuals Announces Shutting Down On-chain Pre-IPO Platform
Ventuals, the pre-IPO perpetual trading platform on the Hyperliquid blockchain, announced that it is shutting down its markets and merging the team into another project within the $HYPE ecosystem. This has freed a substantial amount of HYPE tokens, increasing liquidity and minimizing local selling pressure.
HYPE Price Analysis
As HYPE’s basic environment has strengthened, analysts and traders are closely monitoring whether the HYPE price can move further. HYPE is currently trading near $66.95, marking a 6.72% plunge over the past 24 hours.
The total crypto market cap has fallen by 2.47% over 24 hours, with sentiment in “Fear” territory. The immediate support levels are near $64.75 and $56.50. The 4-hour Relative Strength Index (RSI) has slipped into overbought territory, triggering a small retracement.
HYPE recaptured the 1.272 Fibonacci extension at $70.04. It now targets the 1.618 extension near $83.55. The second target is near the 2.0 extension around $98.47. Analysts believe that a confirmed close above $77 would take the HYPE price towards $90. On the other hand, if it falls towards the $64 zone, further retracement is expected. Strong trading volume is required for a fresh price breakout.
HYPE: Analysts Take for 2026
Analysts pointed out that HYPE is nearing a resistance band from $81 to $87.5. If there is sustained ETF demand and growth in protocol revenue and recurring revenue, HYPE could potentially trade above $100. New releases and feature launches could drive the prices upwards.
Analysts also projected an extreme price surge of $300 in 2026. However, this is unlikely to occur in the near term.
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