Former BitMEX CEO Arthur Hayes has projected a potential fivefold rally in the HYPE token as activity surges on Hyperliquid.
The spike in trading has been closely linked to rising geopolitical tensions between the United States and Iran. Oil-linked perpetual futures on Hyperliquid saw sharp increases, with Oil-USDH contracts climbing above $73 and USOIL-USDH crossing $88. Combined trading volume reached nearly $17 million within 24 hours.
Hyperliquid’s HIP-3 permissionless perpetual market has seen explosive growth. Open interest recently crossed $1.1 billion, with daily trading volumes exceeding $5 billion during peak activity.
The protocol’s fee structure includes buybacks and token burns. Approximately $9 million worth of HYPE tokens were burnt in the last week, which decreased the amount in circulation. In a single day, the platform brought in $2.8 million in fees.
Hayes has set a price target of $150 for HYPE, claiming that demand may continue to be fuelled by growing trade volumes and ongoing geopolitical tensions. Strong platform activity, according to analysts, frequently boosts token prices, particularly when paired with supply reduction strategies.
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