HYPE breaks $50 barrier on rising appetite for on-chain markets

Hyperliquid’s token $HYPE climbed above $50 for the first time since October 2025. The asset erased all losses, signaling the growing importance of Hyperliquid in the crypto ecosystem.

$HYPE broke out in the past week, extending its gains above $45. The $50 range was closely watched, as the asset found support based on active Hyperliquid usage.

$HYPE traded at $50.62, up by 4.7% in the past day. The rally accelerated during US open hours, as $HYPE established itself as one of the day’s trending tokens. Over 71% of whales on Hyperliquid are long on $HYPE, though one whale has built a $75M short position.

For the past week, $HYPE rose by over 29%, and is up by over 80% for the past 90 days. The token is in the top 15 of the most active crypto assets, though it stands out for stronger fundamentals, rather than short-term hype.

$HYPE may rise as high as $52 in a short squeeze move, or drop to the $46 range to liquidate the accumulated long positions. $HYPE open interest is at a six-month peak of $1.95B, of which $1.2B is on the Hyperliquid platform, securing concentrated liquidity and potential momentum.

Why is $HYPE rising?

$HYPE has gained multiple sources of support from adoption and everyday usage. The recent deal with Coinbase increased revenues.

Goldman Sachs also disclosed a new position in Hyperliquid Strategies, INC, a digital asset treasury company dedicated to $HYPE. For Q1, 2026, Goldman Sachs reported exposure to PURR for $3.32M.

Although relatively small, the Q1 purchase draws mainstream attention to Hyperliquid. The 21 Shares Hyperliquid ETF is also live, increasing buying demand for $HYPE.

Hyperliquid activity remains robust, driven by RWA activities. The platform achieves $50M in monthly revenue, using 99% of the proceeds for $HYPE buybacks. As Cryptopolitan reported, Bitwise CIO Matt Hougan considers $HYPE an undervalued asset.

UPDATE: THE MARKET IS COMPLETELY WRONG ABOUT HYPERLIQUID@Bitwise CIO @Matt_Hougan says everyone is valuing @HyperliquidX as just another perp exchange

But its actually a SUPER APP in disguise

$HYPE = best performing large cap of 2026 (up 77% YTD) pic.twitter.com/w5Tx48Lzqp

— Cryptopolitan (@CPOfficialtx) May 20, 2026

Hyperliquid keeps attracting over 64K daily active users, a mix of retail traders and high-profile whales. The platform has a growing share of real-world assets, almost catching up with $HYPE trading activity.

Whales move in to boost $HYPE

Whales on Hyperliquid are one of the chief factors for $HYPE price moves. As of May 20, whales have opened 100 high-profile long positions, against 82 short positions.

One whale still holds $15M in unrealized gains from a 5X long position on $HYPE. Another whale has picked up spot market activity, depositing up to $19M into Hyperliqid. The whale continues buying, accumulating over $8.1M in $HYPE.

An address linked to Garrett Jinn is also among the aggressive $HYPE buyers. The address withdrew $40M in stablecoins from Binance and deposited $10M to Hyperliquid for $HYPE accumulation.

The whale accumulation is happening silently, as there is no significant social media noise around $HYPE. The platform has become a staple in permissionless trading, and has so far survived the stagnant crypto market.