A Token You Probably Have Not Heard of Just Hit a Record High – and It is Up 46% in One Week

While Bitcoin was struggling last weekend, a crypto token called HYPE quietly hit an all-time high of $64.24 on May 24 – and it had gained 46% in a single week. If you have never heard of Hyperliquid, here is the simple version: it is a decentralized trading platform that lets people trade crypto futures contracts without going through a traditional exchange. Think of it like a crypto trading floor that runs entirely on a blockchain, with no company in the middle. If you want to understand how to store the tokens you discover, reading up on best DeFi wallets is a smart move before diving in.

The HYPE token is up an extraordinary 147% since January 2026. Bitcoin and Ethereum have barely moved by comparison. What kicked off the latest surge was Hyperliquid launching a perpetual contract tied to SpaceX's pre-IPO valuation on May 18. Within hours of launch, the contract spiked to value SpaceX at over $2 trillion. HYPE rallied 7% that same day while most of the crypto market was trading flat. Two new HYPE ETFs also launched in the U.S. around the same time, which brought in a fresh wave of institutional buyers.

On-chain trackers – tools that let you watch large wallet movements in real time – showed some very contrasting behavior at the top. One whale wallet spent $15.1 million in USDC to buy 238,811 HYPE tokens as the price peaked. At the same time, a different whale unstaked $27 million worth of HYPE and started selling. One trader who had bet against HYPE rising – known in crypto as a short position – got caught badly and had to sell $14 million worth to cut losses. The short seller still holds an $8.67 million position. When big money is this divided, it usually signals a period of higher volatility ahead. Traders interested in accessing platforms like Hyperliquid can compare options across the best crypto exchanges currently available.

Prominent investor Arthur Hayes – who correctly called several major crypto moves in the past – deposited $6.33 million into HYPE on Bybit and publicly predicted the token could reach $150. Meanwhile, analyst Michael van de Poppe said HYPE could hit $100 if overall crypto market appetite keeps strengthening. Hyperliquid is also expanding into tokenized stocks, commodities, and pre-IPO assets, which van de Poppe says is accelerating a broader trend across the whole crypto market.

The $55 level is the one traders are watching most closely right now. That was the last major support zone before the breakout to the all-time high. If HYPE holds above $55 after the euphoria fades, it would suggest the rally has real legs. If it falls back through that level, a deeper pullback toward $45 is possible. The next potential catalyst is whether more traditional finance firms launch HYPE ETF products – each new fund that gets approved brings a fresh wave of buyers who can not or do not want to hold the token directly.