Hyperliquid's HYPE Token hits a new peak thanks to the surge in OI

robot
Abstract generation in progress

The HYPE Token of Hyperliquid reached a new all-time high of 37.24 USD on May 23, increasing by more than 14.5% in 24 hours, marking an impressive increase of 94% over the past month and 868.7% since the end of last year.

The explosion came after Hyperliquid Labs submitted two proposals to the U.S. Commodity Futures Trading Commission (CFTC), promoting a legal framework for DeFi and 24/7 derivatives trading.

The total open interest on the platform exceeds 9.37 billion USD, a historical high, with HYPE contracts reaching 747 million USD, ranking just behind Bitcoin and Ethereum.

However, the upward trend also forced a whale to short HYPE with a 5x leverage to cut losses of 23.5 million USD, according to Spot On Chain.

HYPE0.43%
TOKEN-3.97%
B-0.6%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)