The native token of the Hyperliquid perpetual exchange, HYPE, surged nearly 9% to approximately $33.80 amid significant on-chain accumulation. The rally followed the conclusion of major sell pressure from certain wallets. Market data now shows Hyperliquid commands about 60% of all tokenized asset perpetual trading volume, a dominant lead over competitors.
The Hyperliquid token HYPE is trading near $33.80 after a strong run. It gained roughly 9% in 24 hours and more than 50% from last week’s lows.
A key catalyst was the clearing of major sell pressure. Wallets linked to the Tornado Cash case and Continue Fund reportedly finished dumping millions of HYPE earlier this week.
Simultaneously, Data traders, including Bobby Diamond acting through Hyperliquid Strategies, have been buying sizable positions. This activity followed a clear technical breakout from the $22-$23 range.
Hyperliquid founder Jeff Yan previously claimed Bitcoin liquidity on the platform now exceeds Binance. The network’s exposure to the gold and silver rally via HIP-3 also contributes to its momentum, with silver alone recording over $1.1 billion in daily volume.
Market data now shows the network controls about 60% of all tokenized asset perpetual trading volume. That represents a commanding lead over Binance and every other rival.
The same dominance appears in Open Interest (OI). With nearly $850 million, Hyperliquid accounts for close to 58% of total OI.
Analysts note this kind of market-share pace typically follows its own momentum. More traders generally lead to more liquidity, tighter spreads, and deeper markets, which in turn attracts further capital.
