'Ethereum Killer' Hyperliquid Sets New All-Time High Beyond $40: How High Can It Go?

Benzinga
Jun 11

Hyperliquid's HYPE/USD rally to new record levels, coupled with rising whale accumulation and solid underlying fundamentals, has traders anticipating continued bullish momentum.

CryptocurrencyPrice   Market Cap24-Hour Trend7-Day Trend
Hyperliquid HYPE/USD $40.08$13.4 billion+7%  +5.5%
Ethereum ETH/USD $2,743.68$331.3 billion+8.2% +3.8% 
Cardano ADA/USD $0.6974$24.7 billion+3.4% +0.5% 

Trader Notes: BitMEX co-founder Arthur Hayes predicted a breakout above $40 to be followed by another upthrust to higher highs.

Joshua, Head of Trading at Mozaik Capital, highlighted Hyperliquid's dominance as the most successful decentralized spot and perpetual exchange.

He sees HYPE accurately reflecting the market valuation of the platform, underpinned by strong on-chain fundamentals.

Key metrics show HyperEVM ranking third by users, each averaging over $3,400 in trading volume, an indicator of superior capital efficiency per trader.

It also ranks fourth in average transaction size at $155, demonstrating more authentic on-chain activity relative to rivals like Aptos and Berachain.

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Additionally, HyperEVM boasts the highest Average Active User Retention (AAUR) at roughly 10%, signaling strong user engagement and platform stickiness.

Statistics: SpotOnChain data revealed a whale investor spending nearly $10 million USDC to acquire 259,367 HYPE at an average price of $38.46, showing high conviction as HYPE approached new highs.

This whale has already realized profits exceeding $10 million.

Another major whale, tracked by Onchain Lens, leveraged 74,000 SOL (~$11.8 million) as collateral on Kamino to borrow $4 million USDC.

They bridged these funds and deposited nearly $5 million USDC into Hyperliquid before purchasing 126,353 HYPE tokens at $39.10 and staking them, a clear sign of confidence.

Supporting the bullish case, Coinglass data shows Hyperliquid's open interest jumped 14.2%, while derivatives trading volume surged by 95% in just one day.

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Read Next: 

  • ETH Surges 8%: ‘You Haven’t Seen What Ethereum Is Capable Of In This Cycle,’ Analyst Warns

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