Almost all major coins are far from their all-time highs, while $HYPE is just a few percent away from its own. I looked into why. 🚀
Price action: a high of $64 in May, ~$77 in June, then a nearly 30% pullback and a low of ~$51 in August. Then came the rally: a record high of ≈ $98 on September 23, and now it’s around $93 — almost double the low.
There are three reasons:👇
First — built-in buybacks: 97–99% of Hyperliquid fees go to the Assistance Fund, which buys HYPE on the market. In the second quarter, an estimated ~$141 million out of ~$169 million in revenue went toward this, and ≈ 49 million tokens have been removed from circulation overall — nearly 5% of the maximum supply.
Second — revenue: ≈ $419 million in fees in the first half of 2026.
Third — expansion beyond crypto: according to reports, trading in stocks and RWAs on the platform has already surpassed crypto trading.
But the flywheel can turn both ways: less trading — fewer fees — weaker buybacks. Futures volume is more than 15 times spot volume, so liquidations can jolt the price even without news. And there’s competition from Robinhood and Coinbase, too.
Bottom line: the rally is supported by fees turning into demand, not hype — but only as long as volumes remain high. This is an analysis, not a recommendation to buy.
When evaluating a token, do you look at protocol revenue, or just the chart?
$HYPE
#Hyperliquid
Price action: a high of $64 in May, ~$77 in June, then a nearly 30% pullback and a low of ~$51 in August. Then came the rally: a record high of ≈ $98 on September 23, and now it’s around $93 — almost double the low.
There are three reasons:👇
First — built-in buybacks: 97–99% of Hyperliquid fees go to the Assistance Fund, which buys HYPE on the market. In the second quarter, an estimated ~$141 million out of ~$169 million in revenue went toward this, and ≈ 49 million tokens have been removed from circulation overall — nearly 5% of the maximum supply.
Second — revenue: ≈ $419 million in fees in the first half of 2026.
Third — expansion beyond crypto: according to reports, trading in stocks and RWAs on the platform has already surpassed crypto trading.
But the flywheel can turn both ways: less trading — fewer fees — weaker buybacks. Futures volume is more than 15 times spot volume, so liquidations can jolt the price even without news. And there’s competition from Robinhood and Coinbase, too.
Bottom line: the rally is supported by fees turning into demand, not hype — but only as long as volumes remain high. This is an analysis, not a recommendation to buy.
When evaluating a token, do you look at protocol revenue, or just the chart?
$HYPE
#Hyperliquid