The HYPE token, the native currency of the decentralized exchange Hyperliquid, has reached a new all-time high of $57.34.
HYPE Prices and Market Capitalization
As of September 12, the HYPE price hit a record of $57.34, rising nearly 22% compared to the previous week. The current trading price is $56.47. The market cap of HYPE is $18.86 billion, with a 24-hour trading volume of $585 million.
The Origin of HYPE Token
HYPE is the native governance token of the decentralized exchange Hyperliquid, launched in 2024. The token was airdropped to early users and traders on the Hyperliquid platform, facilitating decentralized ownership and rewarding active participants. This method is similar to what dYdX and Uniswap employed for their governance token distributions.
USDH Issuance Proposal
The surge in interest towards HYPE coincides with the anticipation of voting results regarding the issuance of USDH, a dollar-pegged stablecoin native to Hyperliquid. According to USDH Tracker, several teams are competing to become the issuer, with Native Markets currently in the lead due to strong support from validators.
The rise in HYPE token price and the anticipation for USDH voting highlight the activity in the Hyperliquid ecosystem and attract attention from the cryptocurrency investor community.
