In 2025, Hyperliquid has carved its niche in the crypto market, but recent data indicate a slowdown in DEX activity and changes in token volumes.
Hyperliquid DEX Volumes Experience Decline
Despite a recent resurgence in DeFi, Hyperliquid's DEX volumes have shown a decline compared to the highs seen in May and June. According to DeFiLlama, Hyperliquid DEX volume peaked above $714 million in May and above $735 million just before mid-June. However, by the end of June, it fell to a low of $134.8 million, marking a significant drop of about a third from the previous highs. Over the last two days, daily volumes averaged $270 million.
Hyperliquid Token Trading Volume Increased
Hyperliquid's token trading volume has seen substantial growth year-to-date. Contextually, it peaked above $1.5 billion in December 2024 but has since surged above $1.93 billion. This indicates an increase of over $430 million since early December. The token's volume reflects the network's DEX volume, suggesting that increased token activity is often linked to platform engagement. However, a decline in DEX volumes has been a more recent trend, primarily influenced by shifts in demand.
HYPE Price Outlook and Potential Risks
The HYPE token showed an impressive performance in Q2 2025 with a 390% upside. However, signs of bullish exhaustion have appeared since mid-June, with limited price growth observed. The MFI (Money Flow Index) registered a strong uptick in the past 5 days, indicating possible liquidity influx. While a price pullback due to profit-taking might be likely, the high token volumes still support market activity.
Thus, Hyperliquid remains a notable player in the market but is facing changes in activity volumes. The platform's future will depend on its ability to adapt to new conditions and maintain interest among traders.
