Hyperliquid (HYPE) has experienced a major 21% price increase over the past week, sharply contrasting with many of the largest cryptocurrencies, which have been trading in negative territory. Despite this positive momentum, a new report suggests that HYPE may still be undervalued compared to its potential.
Hyperliquid Reaches Record-Breaking LevelsFirst, the trading volume for Hyperliquid has reached unprecedented levels. The asset’s 24-hour perpetual volume stands at $6.48 billion, with open interest recorded at $6.41 billion.
Additionally, the cumulative protocol revenue has crossed the $1.039 billion mark, with an annualized run-rate of around $664 million based on a 30-day revenue of $54.4 million. 99% of all fees are directed towards buybacks and burns of HYPE through the Assistance Fund.
The report claimed that with this data recorded over the past month, Hyperliquid is evolving from its role as a leading on-chain derivatives platform to a more expansive decentralized finance (DeFi) Layer-1 (L1) solution.
When traditional markets are closed, Hyperliquid is the premier venue for 24/7 price discovery on oil, metals, indices, and other essential assets. This is an important step towards housing all of finance.
HYPE’s Technical OutlookLooking ahead, TraderJB predicts that the current price movement from $25 to its present trading level of $36.90 resembles an inverted zigzag formation nearing its supply limit.
Featured image from OpenArt, chart from TradingView.com
