Hyperliquid's native token, HYPE, has experienced a significant rally, climbing to a record high price of $41.74 and pushing its market capitalization to roughly $13.39 billion. This surge allowed HYPE to surpass SUI's $11.75 billion valuation, positioning it as the 13th largest cryptocurrency by market cap as of June 10, 2025.
In just 24 hours, HYPE surged about 15%, with its price nearing key psychological and technical levels such as $50, along with Fibonacci price targets projected at $51, $77, and $103. This bullish momentum is fueled by a combination of factors including celebrity endorsements, whale accumulation, and increased institutional recognition.
Notably, controversial influencer Andrew Tate's high-profile use and promotion of Hyperliquid, including a widely discussed leveraged Ethereum long position, amplified interest in the token. Additionally, whale investors purchased substantial quantities of HYPE tokens, with one whale acquiring 259,367 tokens worth nearly $10 million at an average price of around $38.5, reportedly earning over $10 million in lifetime profits from HYPE trading.
Speculation about a possible Binance.US listing has also contributed to investor confidence, with Binance.US hinting at Hyperliquid-related developments shortly after rumors surfaced.
From a technical perspective, HYPE/USDT has held above prior resistance levels around $26–$28, now acting as support, as the token trades near $39–$40 on above-average volume. Momentum indicators such as RSI suggest the token is close to overbought territory, signaling potential short-term consolidation or a retest of support around the mid-$30s before further upward movement. The next resistance zone likely lies near $45.
Despite some short-term caution advised by analysts due to possible profit-taking, overall chart patterns and volume support continued bullishness, with Fibonacci extensions underscoring ambitious upside targets. The convergence of celebrity promotion, whale buying, and growing institutional interest has created a positive feedback loop driving demand and pricing for HYPE.
Additionally, cryptocurrency enthusiasts and traders are closely watching whether HYPE can sustain its momentum to challenge Cardano’s sizeable $25.11 billion market cap, potentially moving into the top 10 by market capitalization.
Hyperliquid also reported massive trading activity in May 2025, generating $248 billion in perpetual trading volume and $70.45 million in revenue, reflecting strong market engagement and liquidity.