- HYPE’s market cap fell by 10.11% to $7.14B, but trading volume surged 172.34%, signaling increased market activity.
- A symmetrical triangle pattern suggests an imminent breakout, with potential targets at $18 on the downside or $34 on the upside.
- Hyperliquid’s market share in perpetual trading rose to 9% of Binance’s volume, up from 2% pre-HYPE launch in December 2024.
HYPE, the native token of the Hyperliquid blockchain, has had substantial movement since its launch in November 2024. The token swiftly entered the top 30 cryptocurrencies by market cap.
On Feb. 24, 2025, HYPE was trading at $21.44, a 10.09% decline in 24 hours. The token also fell by 17.21% over the past week and 3.03% over the month. Despite the drop, a surge in trading volume suggests increased market activity.
Market Performance and Supply Metrics
HYPE’s market cap dropped 10.11% to $7.14 billion, a shift in investor sentiment. The 24 hour trading volume surged 172.34% to $236.6 million, indicating increased trading interest.
The fully diluted valuation is at $21.44 billion, with a volume to market cap ratio of 3.29%. The total supply of HYPE is 999.99 million, with a max supply of 1 billion. Only 333.92 million HYPE are in circulation, accounting for 33.4% of the total supply.
The remaining tokens are either locked or undistributed, which may influence price stability. A restricted circulating supply often results in heightened price sensitivity to market fluctuations.
Technical Patterns and Analyst Insights
HYPE’s price pattern has formed a symmetrical triangle pattern on the 12 hour timeframe. This consists of converging lower highs and higher lows, indicating an impending breakout.
The price is currently testing the lower trendline near $23-$22.50, suggesting the possibility of a bearish breakdown. Analyst Ali noted that Hyperliquid is up for a 44% price move. According to the analyst, HYPE is breaking out.
A downward move could target $18, $15, or $13.20, depending on selling pressure. On the upside, a bullish reversal may lead to resistance at $25, with further targets at $28, $30, and $34.
Market Share Expansion and Competitive Growth
Hyperliquid has gained market share in the perpetual futures trading sector, challenging larger exchanges. According to analyst Miles Deutscher,
“Hyperliquid has seen a huge increase in their market share of perpetual trading volumes, which now represent 9% of Binance’s volume!”
This is a rise from 2% before the HYPE token launch in December 2024.The Hyperliquid to Binance Ratio, tracking Hyperliquid’s market share, has shown an upward trend since early 2025.
While Binance is dominating perpetual trading volumes, Hyperliquid’s increasing share suggests traders are engaging more with its platform. February 2025 saw a slight dip in volume compared to previous months. Despite this, the overall trend indicates Hyperliquid’s influence in the market is growing.
