Hyperliquid's value surges to a record-breaking $59.39 in anticipation of the release of its native stablecoin.
The launch of USDH, Hyperliquid's stablecoin, is drawing near, and the platform is experiencing a significant surge in popularity. The total open interest for Hyperliquid's native token, HYPE, has soared to $1.51 billion, indicating high volatility in the short term.
The growth trend across the Hyperliquid ecosystem is evident, with the total amount of stablecoins on the platform climbing 4.99% in the past week, reaching $6.20 billion. This growth has been accompanied by an increase in the 24-hour trading volume of HYPE, which has surged over 55%, indicating high liquidity and investor interest.
The MACD indicator for HYPE shows a strong bullish crossover with widening histogram bars, indicating further upward movement. The current daily RSI for HYPE is 69, close to the overbought level of 70, suggesting that the token may be due for a correction.
The price of HYPE has been on a steady upward trajectory, reaching an all-time high of $59.39. In the past 24 hours, HYPE has increased by 6.65%, and over the past week, it has grown by 5%. The market capitalization of HYPE has grown nearly 40% this month, reaching $16 billion.
The launch of USDH is being overseen by the Native Markets team, which officially claimed the USDH stablecoin ticker after a competitive community vote by Hyperliquid validators. This ensures that the stablecoin's deployment is decentralized and community-driven, aligning with Hyperliquid’s ecosystem goals.
Whale activity shows a more even split, with $259 million in long positions and $248 million in shorts. Smart money and public investors show strong long positions on the Hyperliquid token, with institutional and public investors holding a combined $133 million in long positions for HYPE, with a significantly higher long position of $86 million for smart money.
Notable figures in the crypto space, such as Arthur Hayes, have celebrated the milestone of HYPE reaching a new all-time high. Meanwhile, Paxos is promoting its partnership with PayPal in an attempt to win the bid for Hyperliquid's upcoming USDH stablecoin launch.
DeFiLlama ranks Hyperliquid as the 5th largest stablecoin network, and Circle's USDC has recently been launched on the Hyperliquid network. The total value locked (TVL) on the Hyperliquid platform has soared from $354 million in April to $2.74 billion by September.
As the launch of USDH approaches, the Hyperliquid platform continues to gain momentum, with high levels of open interest, trading volume, and investor interest. The bullish indicators suggest that the token's price may continue to rise, making it an attractive investment opportunity for many. However, as with any investment, it's important to do thorough research and consider the risks involved.
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