HYPE breaks $50 barrier on rising appetite for on-chain markets

Hyperliquid’s token HYPE climbed above $50 for the first time since October 2025. The asset erased all losses, signaling the growing importance of Hyperliquid in the crypto ecosystem.

HYPE broke out in the past week, extending its gains above $45. The $50 range was closely watched, as the asset found support based on active Hyperliquid usage.

HYPE traded at $50.62, up by 4.7% in the past day. The rally accelerated during US open hours, as HYPE established itself as one of the day’s trending tokens. Over 71% of whales on Hyperliquid are long on HYPE, though one whale has built a $75M short position.

For the past week, HYPE rose by over 29%, and is up by over 80% for the past 90 days. The token is in the top 15 of the most active crypto assets, though it stands out for stronger fundamentals, rather than short-term hype.

HYPE may rise as high as $52 in a short squeeze move, or drop to the $46 range to liquidate the accumulated long positions. HYPE open interest is at a six-month peak of $1.95B, of which $1.2B is on the Hyperliquid platform, securing concentrated liquidity and potential momentum.

Why is HYPE rising? 

HYPE has gained multiple sources of support from adoption and everyday usage. The recent deal with Coinbase increased revenues. 

Goldman Sachs also disclosed a new position in Hyperliquid Strategies, INC, a digital asset treasury company dedicated to HYPE. For Q1, 2026, Goldman Sachs reported exposure to PURR for $3.32M.

Although relatively small, the Q1 purchase draws mainstream attention to Hyperliquid. The 21 Shares Hyperliquid ETF is also live, increasing buying demand for HYPE. 

Hyperliquid activity remains robust, driven by RWA activities. The platform achieves $50M in monthly revenue, using 99% of the proceeds for HYPE buybacks. As Cryptopolitan reported, Bitwise CIO Matt Hougan considers HYPE an undervalued asset.

UPDATE: THE MARKET IS COMPLETELY WRONG ABOUT HYPERLIQUID@Bitwise CIO @Matt_Hougan says everyone is valuing @HyperliquidX as just another perp exchange

But its actually a SUPER APP in disguise

HYPE = best performing large cap of 2026 (up 77% YTD) pic.twitter.com/w5Tx48Lzqp

— Cryptopolitan (@CPOfficialtx) May 20, 2026

Hyperliquid keeps attracting over 64K daily active users, a mix of retail traders and high-profile whales. The platform has a growing share of real-world assets, almost catching up with HYPE trading activity.

Whales move in to boost HYPE

Whales on Hyperliquid are one of the chief factors for HYPE price moves. As of May 20, whales have opened 100 high-profile long positions, against 82 short positions.

One whale still holds $15M in unrealized gains from a 5X long position on HYPE. Another whale has picked up spot market activity, depositing up to $19M into Hyperliqid. The whale continues buying, accumulating over $8.1M in HYPE.

An address linked to Garrett Jinn is also among the aggressive HYPE buyers. The address withdrew $40M in stablecoins from Binance and deposited $10M to Hyperliquid for HYPE accumulation.

The whale accumulation is happening silently, as there is no significant social media noise around HYPE. The platform has become a staple in permissionless trading, and has so far survived the stagnant crypto market.

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