The HYPE token broke through $70 to reach a new all-time high of $74.04, driving its market capitalization past $16 billion.
Key Takeaways:
HYPE hit an all-time high of $74.04, flipping DOGE to become the No. 10 digital asset by market cap.Grayscale is launching a Hyperliquid ETF, driving the platform’s shift to institutional infrastructure.Skeptics warn late retail buyers could become exit liquidity if the 14% weekly HYPE pump is a bubble.Coingecko data show that after nearly tapping the $70 threshold on May 31, a brief sell-off saw HYPE decline to $67.56 before recovering to trade just under $68. The coin slipped below $68 before kickstarting a rally that took it to $74.04, a more than 8% gain in 24 hours. The latest jump pushed HYPE’s weekly gain to 14% and saw it close May with gains exceeding 70%. Meanwhile, HYPE’s performance in the last 24 hours saw over $18 million in short positions liquidated, compared with nearly $2.4 million in longs.
