HYPE, the token of Hyperliquid, is rapidly gaining market share in the futures sector, surpassing Dogecoin in open positions and showing price growth.
Overview of HYPE
According to Coinglass data, HYPE is now the fifth-largest digital asset by futures open interest, valued at $2.06 billion. This places it ahead of Dogecoin, which has open interest at $1.83 billion. Other assets with higher futures exposure include Bitcoin, Ethereum, Solana, and XRP.
Market and Price Action of HYPE
HYPE is currently priced at $44.52, representing an 11.69% gain over the last 24 hours. During the trading day, HYPE formed higher lows, confirming a bullish price structure. Many traders are watching for a breakout above $45, which could pave the way for new highs.
Growth of the Hyperliquid Ecosystem
Hyperliquid’s ecosystem is expanding rapidly, with 92.78% of protocol revenue allocated to HYPE buybacks, contributing over $1 billion annually. This tokenomic model is attracting institutional funds and helping to deepen liquidity via HyperCore’s Central Limit Order Books.
HYPE is showing significant growth in both open interest and pricing, highlighting its competitiveness against meme coins. The rapid expansion of Hyperliquid’s ecosystem, along with consistent buybacks, may lead to increased investor interest.
