Hyperliquid's Hype Grows as HYPE Token Surges to New High

Hyperliquid's native cryptocurrency, HYPE, has been making waves in the crypto markets with its impressive price surge. The token has reached a new all-time high above $73, marking a significant milestone for the project.

The move is largely attributed to growing institutional interest and strong ETF inflows, which have contributed to the token's increased trading volume and liquidity. According to data from SoSoValue, US spot HYPE ETFs recorded over $9 million in one-day net inflows on May 29th, bringing total net assets above $135 million.

Grayscale is also reportedly in talks with Hyper Holdings Global LP for a seed investment of approximately 2 million HYPE tokens, which could further fuel the token's growth. The proposed Grayscale Hyperliquid Staking ETF is expected to trade on Nasdaq under the ticker HYPG, potentially increasing institutional access to HYPE.

As a result of its impressive performance, HYPE has broken into the top 10 by market capitalization, surpassing other notable cryptocurrencies like DOGE. The token's price has increased by over 20% in the past week and more than 75% in the past month.