HYPE’s Wild Ride: Is This Crypto the Next Big Thing or Just a Circus Act?

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Well, butter my biscuit and call me astonished! Hyperliquid (HYPE), that scrappy little upstart, has gone and done the unthinkable-it’s jumped a cool 21% in the past week while the bigwig cryptocurrencies were busy tripping over their own blockchains. But hold onto your hats, folks, because some smarty-pants report is now claiming this thing’s still undervalued. Undervalued? Why, that’s like saying the Mississippi’s just a creek!

Hyperliquid’s Great Leap Forward

According to some Thursday ramblings on that bird-brained platform X (formerly Twitter), Hyperliquid Daily has decided to spill the beans on why HYPE is the financial equivalent of a diamond in the rough. First off, its trading volume has shot through the roof like a rocket with a grudge. We’re talking $6.48 billion in 24-hour perpetual volume and $6.41 billion in open interest. That’s more action than a riverboat poker game!

And get this-crude oil perpetuals have gone from a trickle of $21 million to a gusher of $1.39 billion daily, all thanks to those rascals Iran and Israel stirring up trouble. It’s now the second most traded asset, leaving even Ethereum (ETH) in the dust. Who needs a barrel of oil when you can trade it like a hot potato?

But wait, there’s more! Hyperliquid’s protocol revenue has hit a whopping $1.039 billion, with an annualized run-rate of $664 million. And here’s the kicker: 99% of those fees are funneled into buybacks and burns of HYPE through the Assistance Fund. It’s like they’re lighting money on fire, but in a good way.

The report claims Hyperliquid’s not just a one-trick pony anymore. No sir, it’s morphing into a full-blown DeFi Layer-1 (L1) solution. That’s like turning a canoe into a battleship-ambitious, but hey, why not?

Real-world assets (RWA) trading has also gone bonkers. Over the past fortnight, it’s consistently broken records, with open interest topping $1.3 billion and weekend volume hitting $1.4 billion. The Hyperliquid team chirped on X:

“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.”

Well, ain’t that a mouthful? Housing all of finance? Might as well say they’re planning to lasso the moon while they’re at it.

HYPE’s Technical Hoedown

Now, let’s talk turkey-or rather, technicals. Market analyst TraderJB has weighed in, saying HYPE’s price action is smoother than a glassy lake at dawn, compared to the 95% of cryptocurrencies that are acting like they’ve got ants in their pants. Take Bitcoin (BTC), for instance, which couldn’t clear that $74,000 resistance wall if its life depended on it.

TraderJB reckons HYPE’s current climb from $25 to $36.90 looks like an inverted zigzag nearing its supply limit. To keep this gravy train rolling, HYPE needs to churn out more upward waves without dipping below $20.80, or else it might just turn into a pumpkin.

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2026-03-13 00:40