The Hyperliquid price has witnessed massive gains in the last 24 hours, even coming close to its current all-time high (ATH) at $39. This HYPE price surge has occurred following Binance US announcement of its plans to list the DEX token for spot trading.
Hyperliquid Price Surges To $37 Following Binance US Listing Plans
CoinMarketCap data shows that the HYPE price has surged $37, up over 14% in the last 24 hours. This has brought the token close to its current all-time high of $39, which it reached on May 26.
This price surge has come on the back of Binance US plans to list the DEX token. In an X post, the US arm of the top crypto exchange announced that spot trading for HYPE is coming soon, although the exchange didn’t state when exactly the new listing will go live.
This provides a bullish outlook for the Hyperliquid price, considering how this will expand the token’s adoption. HYPE is the native Hyperliquid decentralized exchange (DEX), which has been getting a lot of attention of late, partly thanks to James Wynn’s viral high-leveraged Bitcoin positions on the platform.
CoinGape recently reported how James Wynn dumped his $4 million HYPE holdings and then opened another $100 million 40x long Bitcoin position on the DEX. Meanwhile, BitMEX co-founder Arthur Hayes commented on how Wynn’s Bitcoin bets are bullish for the DEX and the Hyperliquid price.
In an X post, Hayes opined that Wynn’s positions might go down in crypto history as one of the best exchange marketing campaigns ever. He added that “HYPE for the win,” indicating how this could benefit the DEX token.
Hayes has been bullish on Hyperliquid for a while now. As CoinGape reported, the crypto founder predicted that HYPE could rally to as high as $100. He made this prediction last month while commenting on Wynn’s $1 billion Bitcoin position on the DEX. It is worth mentioning that Hayes is a HYPE holder.
Price Surge Also Thanks To DEX Revenue
The Hyperliquid price is up over 114% in the last 90 days. This price surge has partly been thanks to the revenue that the DEX has recorded during this period, as the platform has a dedicated buyback and burn program, in which it uses some of its revenue to buy and remove HYPE tokens from circulation.
DeFiLlama data shows that the DEX earned $64.3 million in revenue last month. This represented a significant increase from the $40.94 million in revenue that the DEX earned in April. Hyperliquid has also consistently ranked as one of the top protocols, which has earned the most revenue over the last three months.
Thanks to Hyperliquid’s run over these last few months, the HYPE token now ranks as the 11th largest crypto by market cap, just behind Cardano (ADA). HYPE boasts a market cap of $12.55 billion.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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