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Compared to the same period last year, Hyperliquid has more than tripled its trading volumes in just a year.
Meanwhile, trading volumes for its native token HYPE have shot up by 41% in the past day as the cryptocurrency is used to pay for platform fees and commissions.
HYPE Seems to Have Enough Fuel to Get to $14
Hyperliquid has been under pressure lately after the JELLY fiasco and certain other incidents involving poor risk management practices that resulted in severe losses for some investors.
However, the performance of its native token has been resilient despite the backlash and has booked weekly losses of just 7.8% while some of its rivals like Uniswap (UNI) and Jupiter (JUP) have faced more severe drops of 18% and 16% respectively during this same period.
Despite the recovery, HYPE is still trading nearly 63% below its all-time high of $35.02 on December 21, 2024.
Stablecoin balances within Hyperliquid have dropped by nearly 22% in the past month to $1.97 billion, meaning that traders have either taken out or traded $532 million worth of USDC – the only supported stablecoin.
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