Hyperliquid surges by 129% in the past week, Market Cap hits $10 billion  

The Token which is the native crypto asset of the Hyperliquid platform surged by 129% in the past week touching new price levels and attracting investors.

Hyperliquid surged to the top 20 crypto assets by market capitalization yesterday hitting a $10 billion market capitalization.

However, at the time of the report, the token has retracted by 19.2% in the last 24 hours. Its current price is $27.70 dropping from $34.49 yesterday.

The layer one blockchain, Hyperliquid, launched its native token, HYPE, just three weeks ago and has followed a bullish trajectory. As a result, the HYPE price has risen 977% since then, impressing the community.

At present, the HYPE is under a minor consolidation, currently trading at $27.70 with a 50% increased trading volume of $655.01M

Hyperliquid’s surge in price comes amid the token not being listed by top crypto exchanges yet. Hyperliquid is still missing from top exchanges like Binance, Coinbase, and OKX.

The airdrop of its tokens was successful but it is yet to be listed by top exchanges.

Hyperliquid surge can be attributed to its innovative Buyback mechanism which invests funds raised from transaction fees to buying back Hyperliquid tokens.

This phenomenon was explained by Crypto analyst @Cryptocondom in an X post.

“ $HYPE is outperforming $ETH due to its buyback mechanism. Approx every $10k in revenue is directed to the Assistance Fund to buy back $HYPE. $3m was spent buying $HYPE in the last 24 hours. Yesterday, @HyperliquidX did $16b in notional perp volume. That is 30% of the volume of @binance I expect a rapid re-rating once the market stabilizes.”, The Analyst explained.

Buying pressure is tied to increased demand therefore increasing the price of crypto assets.