$HYPE is being viewed by the market in a very different way compared to regular platform tokens.

This rally is driven by multiple factors: institutional capital continues to accumulate, expectations for legitimacy are increasing, and the Hyperliquid ecosystem is becoming more closely integrated with on-chain stablecoin flows.
Besides the Perp DEX story, the market is starting to pay attention to the Pre-IPO narrative and the potential to bring traditional financial assets onto the blockchain. If Hyperliquid can achieve this, the potential of HYPE could go far beyond just competing for derivatives trading market share.
Another notable point is that the community is maintaining strong confidence. The number of long-term spot holders and DCA users is increasing, creating a solid support base for the upward trend.
Meanwhile, many traders are still using high leverage to short HYPE. If the trend continues, these short positions could entirely become “fuel” for even stronger squeezes.
What the market is pricing in probably no longer reflects just a regular exchange token, but rather expectations for a future on-chain financial infrastructure.
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{future}(HYPEUSDT)