$NEIRO HYPE (Hyperliquid) rally and the role of the HIP-3 upgrade:
📈 What’s Happening
Hyperliquid’s native token HYPE has rallied ~31% over the past week, reaching price levels near $34, its highest in over a month. This gain contrasts with major cryptocurrencies like Bitcoin and Ethereum, which have lagged amid broader market weakness.
The rally comes as the HIP-3 upgrade continues to roll out and attract significant market activity.
🔑 Key Catalyst: HIP-3 Upgrade
HIP-3 is a major protocol upgrade that enables permissionless perpetual futures markets — meaning users can launch their own perpetual contracts by staking HYPE tokens.
The upgrade supports trading of traditional assets and real-world assets (RWAs) such as gold, silver, equities and other commodities, expanding beyond crypto-only markets.
This has led to massive trading volume, especially in commodity perpetuals (e.g., silver), with some contracts exceeding $1 billion in daily volume.
🚀 Other Drivers Behind the Rally
Deflationary mechanics: Hyperliquid allocates a high percentage of trading fees to buybacks and burns, reducing circulating HYPE supply.
Institutional interest: Analysts note signs of institutional accumulation and talk of a potential future HYPE ETF, which may be drawing investor attention.
Reduced token unlock pressure: The platform has significantly cut back on team token unlocks to help stabilize supply dynamics.
📊 Market Context & Risks
The broader crypto market has been under pressure, with many large caps down on two-week and 30-day timeframes — yet HYPE’s relative strength stands out.
Technical analysts point to resistance around key levels (e.g., ~$30) and support zones that will influence near-term price action.
Risks include macro market volatility, regulatory uncertainty, and leverage-linked liquidations that could affect sentiment.
🧠 Summary
HYPE’s 31% rally is widely attributed to the HIP-3 upgrade driving new perpetual markets and expanded asset trading,
