HYPE Sets New All-Time High After Exploit Scare, Up 13% in 24H - Crypto Economy

TL;DR

• HYPE broke past $39, reaching $39.90 on May 26 (+13% on the day, +48% for the week). After stabilizing, it slipped 1.8% to $37.63.
• The closing of a $1,000,000 BTC short with 40× leverage on Hyperliquid pushed trading volume up 29% to $444M.
• Crypto trader James Wynn closed a $1.25M long on Bitcoin, opened a 1,038.7 BTC short, and after a $15.87M loss, withdrew 28M USDC, pocketing $25.2M in profits.

HYPE had a key session after climbing above the $39 barrier, peaking at $39.90 on May 26 and setting a new all-time high. It posted a 13% daily gain, with a 48% increase for the week. However, after stabilizing in recent hours, the token dropped 1.8% and is currently trading around $37.63.

The initial momentum came from a whale closing $1 million worth of short positions on Bitcoin, using 40× leverage on Hyperliquid. That move triggered confidence and enthusiasm among other traders, who took advantage of the moment to reinforce their HYPE positions. As a result, the token’s trading volume surged by 29%, surpassing $444 million.

At the same time, well-known crypto trader and investor James Wynn played a major role in shaping current market dynamics. Last week, Wynn closed a $1.25 million long position on Bitcoin on the same platform. Immediately after, he opened a short of 1,038.7 BTC, worth $111.8 million, with a liquidation price set at $149,100. After enduring a $15.87 million loss in just 15 hours, he withdrew 28 million USDC from Hyperliquid and secured $25.2 million in profits. Over the last 75 days, Wynn completed 38 trades on the platform, with a 45% win rate.

The HyperFND Account Hack Caused No Major Issues

Meanwhile, the platform’s team quickly resolved a breach of HyperFND’s official X account. The hack did not impact the blockchain infrastructure or compromise internal systems. Credentials remained secure thanks to hardware-based two-factor authentication. The team urged users to verify any suspicious links or announcements before interacting.

HYPE continues to show its ability to attract liquidity and sustain strong growth, despite market volatility. Its backers believe the token could extend its upward trend, as long as the current levels of trust and volume hold