Hyperliquid’s native token HYPE has reached a new all-time high, climbing to $51.07. The price movement marks a 12% gain in the past 24 hours and the first time HYPE has ever traded above the $50 level.
The move caps off a strong August, during which HYPE has traded consistently above $40 and remained close to the top 10 by market capitalization. Following the latest price spike, Hyperliquid overtook Chainlink to regain the #11 spot. Surpassing Cardano and entering the top 10 would require the token’s market cap to nearly double from current levels though.
Whale Accumulation Confirmed On-Chain
Blockchain data shows two large wallets purchased over 358,000 HYPE – approximately $18.2 million – within 12 hours. The timing of the buys appears to coincide with the token’s move above $50.
One of the wallets has been linked to recent large trades on the platform. Some online speculation has suggested a possible connection to Justin Sun, but there is currently no confirmation of his involvement.
BitGo Adds Institutional Support for HyperEVM
The latest momentum also comes shortly after BitGo announced qualified custody support for Hyperliquid’s HyperEVM. Institutions and developers can now access the Hyperliquid ecosystem using BitGo’s infrastructure, including self-custody and regulated wallet options.
BitGo’s rollout includes support for both HYPE and other assets built on HyperEVM, the smart contract layer of the Hyperliquid protocol. The company described the platform as “the highest-performance onchain trading ecosystem”, making the integration a part of its efforts to expand institutional access to DeFi infrastructure.
Network Activity Remains Strong
On-chain activity continues to grow, with Hyperliquid’s Total Value Locked (TVL) reaching a new high of $2.3 billion. Chain fees recently surpassed Ethereum and Tron, and the long-to-short ratio for HYPE now stands at 1.20, reflecting increased bullish positioning.
Hyperliquid’s growth is supported by both increased user activity and rising institutional engagement. The project has fully recovered from the temporary drawdowns seen earlier in the year, including a high-profile exploit in March involving the JELLYJELLY token.
