On Monday, HYPE, the utility coin tied to Hyperliquid, reached an unprecedented all-time high of $51.84. Hyperliquid operates as a decentralized perpetuals trading platform and exchange, built on its own custom layer one (L1) blockchain, HyperEVM. The system is engineered for high-speed, low-cost transactions, featuring an onchain order book with zero gas fees.

Recently, attention has centered on Hyperliquid’s plans to introduce a stablecoin, drawing bids from three prominent firms eager to provide the supporting infrastructure. Moreover, Circle introduced native USDC on Hyperliquid through CCTP v2, streamlining cross-chain transfers. As of Sept. 8, at 12:30 p.m. Eastern, HYPE traded at $51.46 with a circulating supply of about 270,772,999 tokens, giving the crypto asset a market capitalization near $13.93 billion.

HYPE is up 7.75% today, 15.5% this past week, and 18% over the last 30 days. The crypto asset is 1,251.9% above its all-time low recorded on Nov. 29, 2024, at $3.81 per coin. Still, compared to most majors, HYPE’s trade volume is fairly low, with $559 million swaps over the last day. Hyperliquid is the most active exchange for HYPE, alongside Bitget and Bybit.

This climb, driven by strategic moves and institutional bids to support USDH infrastructure, marks a pivotal juncture for Hyperliquid. Although HYPE’s trading volume is still modest compared with established majors, the platform’s innovative framework and seamless integration with prominent firms indicate a trajectory rooted in confidence rather than speculation, elevating it as a formidable contender within decentralized finance (DeFi).

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