Hyperliquid (HYPE) rallied sharply over the last 24 hours, outperforming most major cryptocurrencies.
Notably, the price of HYPE surged 8%, rising from a low of $34.87 to as high as $39.06. With 336.7 million tokens in circulation, Hyperliquid’s market cap reached about $13.1 billion.
HYPE daily price chart (24H). Source: Finbold
Amid the rally, the daily trading volume surged over 15%, exceeding $691.2 million, according to CoinMarketCap data. Meanwhile, the price of Bitcoin (BTC) and Ethereum (ETH) recorded brief spikes — 1.07% and 0.8% respectively — at the time of analysis.
What’s behind HYPE’s price rally
The token’s price rally aligns with a strategic corporate move aimed at advancing the Hyperliquid ecosystem through a “leading HYPE treasury strategy.”
On October 22, a merger-stage entity, Hyperliquid Strategies Inc. (HSI), filed an S-1 registration with the U.S. SEC, stating plans to raise $1 billion by offering up to 160 million shares of its “co
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