Hyperliquid Token Sees 21% Surge, Reclaims Top 10 Crypto Spot

The Hyperliquid token has experienced a remarkable surge, increasing its value by 21% in just 24 hours. This rapid growth has propelled it back into the top 10 crypto list, surpassing Cardano in market capitalization. The token's market cap now stands at $11.75 billion.

According to Coinglass data, the HYPE futures open interest surged by 26% to $1.96 billion. This significant increase in open interest suggests a strong buying pressure and increased investor confidence in the token.

Leveraged long positions on Hyperliquid have also seen an uptick, with whale traders significantly increasing their bullish bets. A notable example is wallet address 0x535e, which opened a 10x leveraged long position on 145,310 HYPE tokens, worth approximately $6.78 million.

Furthermore, the Coinbase exchange has announced its expansion of support for the USDC stablecoin on Hyperliquid's DEX. This move is expected to strengthen USDC's role as the primary stablecoin in on-chain capital markets and improve market efficiency.