Hyperliquid’s HYPE token surged to a new all-time high of $64.27 on May 24, 2026, despite a minor 24-hour correction. CoinGecko data shows the asset has rallied nearly 29% over the past week and roughly 50% over the last month. Analysts point to a recently launched ETF, strategic institutional investment, and a novel SpaceX exposure offering as contributing factors. However, a Forbes report suggests the core driver is a continuous, protocol-enforced token buyback mechanism.
The Hyperliquid token achieved a new peak price following its ETF launch earlier in May. Goldman Sachs also disclosed a substantial investment in Hyperliquid Strategies Inc., acquiring shares worth approximately $3.3 million.
Interest was further amplified by the Hyperliquid decentralized exchange providing pre-IPO exposure to SpaceX. A recent Forbes analysis, however, attributes the price surge primarily to an automated buyback program.
The report stated, “Hyperliquid spends almost everything it earns buying HYPE. The buyback is written into the protocol, it runs continuously, and it has very little to do with whether outside investors believe in the asset.” This protocol mechanism cannot be halted by the board.
Increased project activity likely accelerated these token buybacks, reducing circulating supply. The design of Hyperliquid Strategies Inc., which holds HYPE tokens, also contributes to this supply contraction.
