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Hyperliquid is gradually establishing a reputation within the decentralized finance (DeFi) arena. In August, the platform registered nearly $400 billion in perpetual trading volume and more than $106 million in revenue, as reported by DefiLlama.
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This achievement not only solidifies Hyperliquid’s supremacy in the decentralized perpetuals sector, where it now holds about 70% of market share, but also indicates increasing acceptance by both retail and institutional investors.
A significant factor contributing to this success is its unique HyperEVM blockchain, crafted for speed, scalability, and zero gas fees. These characteristics emulate the performance of centralized exchanges while preserving DeFi’s transparency and user custody, making Hyperliquid an attractive alternative to platforms like Binance or Solana-based DEXs.
Whale Activity and Market Sentiment
Despite its robust fundamentals, HYPE, the platform’s native coin, is experiencing fluctuations. Currently trading around $44, HYPE has retreated from the $51 mark but remains poised for a potential breakout. Analysts identify resistance at $48.73, with upside benchmarks at $52, $55, and even $73 if bullish momentum continues.
HYPE's price trends to the upside on the daily chart. Source: HYPEUSD on Tradingview
Whale activity has added intrigue to the token’s future. Recently, a whale transferred over $3 million USDC into Hyperliquid and initiated a leveraged short against HYPE, igniting discussion about near-term price movements.
While shorts may suggest caution, derivatives data reflects increasing open interest and a mild long bias, indicating sustained optimism among traders.
Can Hyperliquid Emerge as the Next “Killer App”?
BitMEX co-founder Arthur Hayes has even referred to Hyperliquid as a “decentralized Binance,” forecasting that the HYPE token could surge over 100x if adoption continues apace. The launch of a 21Shares Hyperliquid ETP on the SIX Swiss Exchange also demonstrates growing institutional confidence.
However, challenges persist. Hyperliquid has encountered temporary outages and allegations of whale manipulation in its newly launched futures markets. To address this, the team has instituted more stringent safeguards, including stricter price limits and external data integrations. These actions aim to balance rapid expansion with market integrity.
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With trading volumes surging, institutional interest rising, and technical indicators suggesting a possible HYPE breakout toward $55, Hyperliquid is at a pivotal moment. If it sustains momentum while tackling risks, it could establish itself as crypto’s next genuine “killer app.”
Cover image from ChatGPT, HYPEUSD chart on Tradingview
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