- Hyperliquid’s HYPE token surged nearly 28% in a week, overtaking Solana in token price.
- Record futures market share and Grayscale’s HYPG ETF are supporting its growth.
Hyperliquid has strengthened its position after HYPE surpassed Solana in price following a strong rally over the past week. The decentralized exchange also captured a record share of the global perpetual futures market, highlighting its growing influence in the crypto industry.
The latest growth comes as institutional interest continues to increase, with Grayscale recently launching a new staking exchange-traded fund focused on Hyperliquid.
HYPE Surpasses Solana After Strong Weekly Rally
HYPE climbed nearly 28% over the last seven days, reaching around $72.5 on June 4. The gain pushed the token above Solana, which traded near $70.9 during the same period. While HYPE posted strong gains, Solana moved in the opposite direction. The cryptocurrency lost more than 12% over the past week and fell to its lowest level since late 2023.
Despite the price milestone, Solana remains significantly larger in terms of market capitalization. Solana is currently valued at roughly $42 billion, while Hyperliquid’s market capitalization stands at $16B. However, the difference between the two projects has been shrinking as demand for derivatives trading continues to rise.
Hyperliquid Expands Its Presence in Perpetual Futures
One of the biggest drivers behind Hyperliquid’s growth is its increasing share of the perpetual futures market.
The platform accounted for 6.63% of global perpetual futures trading volume last month, marking a new all-time high. At the same time, trading volume from builder-deployed perpetual futures based on the HIP-3 framework exceeded $62 billion.
The figures suggest that activity on the platform is growing steadily, supported by both traders and developers building new products within the ecosystem. Growing usage has also strengthened expectations for higher demand for the HYPE token over time.
Grayscale ETF Boosts Institutional Interest
Institutional adoption is becoming another important catalyst for Hyperliquid. On June 3, Grayscale launched the Hyperliquid Staking ETF, known as HYPG. The new product gives investors additional exposure to the Hyperliquid ecosystem through a regulated investment vehicle.
Grayscale’s Head of Research, Zach Pandl, described Hyperliquid as the most successful breakout project of the current crypto cycle, highlighting the growing attention the network is receiving from institutional investors.
The ETF launch is viewed as a major step toward expanding Hyperliquid’s reach beyond the traditional crypto market.
What Comes Next for Hyperliquid?
Market analysts remain generally optimistic about Hyperliquid’s outlook despite signs that short-term conditions may be overheating.
The token continues to trade above key technical support levels, while trading volume has increased significantly compared to recent averages. Analysts believe holding support around the $69-$70 range could open the door for a move toward $79 and potentially higher levels.
Over the longer term, expanding market share, rising trading activity, and increasing institutional participation could strengthen Hyperliquid’s position within the digital asset sector.
As the platform continues to gain traction, investors will be watching closely to see whether Hyperliquid can maintain its rapid growth and further close the gap with larger competitors such as Solana.
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