HYPE (Hyperliquid) rose 1.39% in 24 hours

Gate News Bot report, September 8, according to CoinMarketCap, as of the time of writing, HYPE (Hyperliquid) is currently priced at $47.59, having risen 1.39% in the last 24 hours, with a high of $47.79 and a low of $42.60. The 24-hour volume reached $122 million. The current market capitalization is approximately $15.892 billion, which is an increase of about $218 million compared to yesterday.

Hyperliquid is a blockchain platform dedicated to integrating all financial services. As its first application, HYPE has launched a decentralized exchange with features such as low fees, zero gas fees, up to 40x leverage, and a fully on-chain order book. The platform also offers one-click trading functionality, eliminating the need for wallet approvals, making the trading process smoother. Hyperliquid's block time is only 0.07 seconds, capable of processing up to 200,000 transactions per second, and currently has 675,536 users.

Important news about HYPE recently:

1️⃣ Institutional investors are making large purchases of HYPE

An investor who made a profit of 9.56 million dollars through ETH swing trading is aggressively accumulating HYPE. The address has deposited 4.01 million USDC to Hyperliquid, purchasing 63,197 HYPE at an average price of 47.41 dollars, and continues to place limit buy orders at 47.17 dollars. This indicates that institutional investors maintain an optimistic attitude towards HYPE, which may drive a short-term price rise.

2️⃣ Hyperliquid monthly revenue hits an all-time high

Hyperliquid's August revenue reached $106 million, setting a monthly all-time high and representing a 23% rise compared to July. This is primarily attributed to the platform's nearly $400 billion volume of perpetual contract trading in August. High revenue reflects the continued growth in user activity and trading demand on the platform, which is beneficial for HYPE's long-term development.

3️⃣ Competition for USDH stablecoin issuance rights intensifies

Several well-known institutions, including Ethena Labs and Paxos, have joined the competition for the issuance rights of the USDH stablecoin under Hyperliquid. As an important component of the Hyperliquid ecosystem, the competition for its issuance rights reflects the optimism of institutions towards the Hyperliquid ecosystem, which may bring more attention to HYPE.

HYPE has recently shown a pump trend, mainly benefiting from large purchases by institutional investors, continuous rise in platform revenue, and the ongoing improvement of the ecosystem. However, investors still need to pay attention to the overall volatility risk of the cryptocurrency market.

This message is not an investment recommendation, and investors should be aware of market volatility risks.