Hyperliquid’s Native Token HYPE Sees Significant Surge Amid Commodities Trading Boom
Hyperliquid’s native token, HYPE, has experienced a substantial price increase of 23% over the last 24 hours, reaching a trading value of $33. This notable surge has outperformed other top cryptocurrencies, with the altcoin seeing a 58% increase over the past three days to reach an eight-week high of $34.5. The significant growth can be attributed to the rising commodity trading on Hyperliquid, which has hit new highs.
The surge in HYPE’s price has been accompanied by considerable liquidations across the derivatives market. According to data from Coinglass, more than $34 million worth of leveraged HYPE positions were liquidated in the last 72 hours, with $32.2 million representing short liquidations. This indicates a strong bullish sentiment among investors, with many traders taking long positions on the token.
HYPE Open Interest Increases Nearly 50%
The open interest (OI) in HYPE futures has risen by 48.7% to $1.82 billion over the same period, signaling the return of derivatives traders. A rising futures OI, coupled with an increasing price, typically indicates growing investor interest, which can be seen as a positive sign during an uptrend. This increase in open interest can be attributed to the growing confidence of investors in the token’s potential for further growth.
Open interest in HYPE futures. Source: CoinGlass
The increase in investor interest in HYPE has been driven by the growing popularity of Hyperliquid’s HIP-3 decentralized exchanges (DEXs). The OI
