Hyperliquid’s native token, HYPE, has reached a new all-time high above $54 after climbing over 9% in the past 24 hours. The move comes shortly after the token regained the $50 level earlier this week.
The price action has been supported by rising trading activity and increased interest from institutional players. HYPE’s 24-hour volume now exceeds $400 million, with Bitget, Bybit, and the Hyperliquid exchange itself handling the majority of trades.
Institutional Support and Strategic Allocations
Nasdaq-listed Lion Group announced plans to convert its Solana and Sui holdings into HYPE. The company cited the launch of BitGo’s custody services for HyperEVM assets as part of its decision. The reallocation will take place gradually, aiming to lower the average acquisition cost and increase long-term exposure to the Hyperliquid ecosystem.
Other firms have also accumulated HYPE. Hyperliquid Strategies and Hyperion DeFi disclosed multi-million token holdings earlier this year, as interest in the platform’s underlying infrastructure continues to grow.
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Stablecoin Proposals Attract Market Attention
The ongoing rise in HYPE’s price is also closely linked to Hyperliquid’s upcoming USDH stablecoin. At least six firms have submitted governance proposals to handle issuance or support functions for the new asset.
Paxos has proposed to direct 95% of interest income from USDH reserves toward HYPE buybacks. Frax Finance and Agora have also introduced revenue-sharing models designed to benefit the token’s ecosystem. Validators are expected to vote on the final selection following Hyperliquid’s next upgrade.
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Growing Institutional Presence
VanEck CEO Jan van Eck has publicly backed Hyperliquid, confirming that the firm has been holding HYPE for several months and intends to participate further in the ecosystem. The firm plans to engage in research, governance, and potential future collaborations.
With growing institutional involvement and new token mechanics being introduced through USDH, Hyperliquid’s ecosystem appears to be expanding beyond its role as a decentralized perpetuals exchange. The outcome of the stablecoin governance vote is likely to play a key role in shaping the token’s next phase.
