HYPE (Hyperliquid) 24-hour pump 1.78%

Gate News Bot news, September 28, according to CoinMarketCap data, HYPE (Hyperliquid) is currently priced at $44.81, having risen 1.78% in the last 24 hours, with a high of $54.31 and a low of $40.05. The 24-hour volume reached $334 million. The current market capitalization is approximately $15.087 billion, an increase of nearly $264 million compared to yesterday.

Hyperliquid is a blockchain platform designed to serve as the foundation for all financial operations. It offers a decentralized exchange as its flagship application, featuring low fees, zero gas fees, up to 40x leverage, a fully on-chain order book, and one-click trading capabilities. Hyperliquid has a block time of 0.07 seconds and a maximum TPS of 200,000, with currently 675,536 users.

Important news about HYPE recently:

1️⃣ USDH stablecoin successfully launched and quickly rose The Hyperliquid ecosystem has added the USDH stablecoin, with nearly $2 million in volume on its first day of trading. Over $15 million USDH has been minted in the past 24 hours. The USDH/USDC spot order book is open for trading on HyperCore. The launch of this new product demonstrates Hyperliquid's ongoing efforts to expand its ecosystem and provide diversified financial tools, which is expected to bring new use cases and demand for HYPE.

2️⃣ Large institutional investors increase HYPE holdings Nasdaq-listed company Hyperion DeFi announced an investment of $10 million to acquire 176,422 HYPE tokens. Currently, its digital asset treasury holds a total of 1,712,195 HYPE tokens, with an average purchase price of $38.25. This marks the company's fourth investment in HYPE tokens, and the newly acquired shares are expected to be used for revenue generation opportunities on HyperCore and HyperEVM. The continued accumulation by institutional investors reflects recognition of HYPE's long-term value.

3️⃣ Increased market competition affects short-term performance In the field of decentralized perpetual contract trading, competition is intensifying, and Aster's performance is exceptionally strong. Latest data shows that Aster's 24-hour perpetual contract volume reached $21.1 billion, nearly double that of Hyperliquid during the same period. Aster's open interest surged nearly 33,500% in less than a week, skyrocketing from $3.72 million to $1.25 billion, directly challenging Hyperliquid's market position. This fierce competitive landscape may affect investor confidence in HYPE in the short term.

From a technical perspective, the HYPE price has retraced about 26% from its historical highs and is currently in the key support range of $43 to $45. Investors should closely monitor the movements of large wallet addresses and changes in market share with competitors, as these factors may significantly impact HYPE's short-term price trends.

This message is not intended as investment advice; investors should be aware of market volatility risks.