Why is HYPE up today?
The HYPE rally has been going on for over a month now
June 3, 2025 – The native token HYPE of the Hyperliquid blockchain surged by 15%, reigniting discussions within the crypto community about the rally that began in early May.
Over the past month, HYPE has gained 83%, and today’s price jump appears to be another attempt to revisit its all-time high (ATH) of around $40, which was reached on May 26.Although this attempt fell short, HYPE came very close to its ATH, trading at $37.20 at the time of writing.
Price dynamics of HYPE in February-June 2025. Source: TradingView
According to 99Bitcoins, today’s pump was driven in part by Binance’s announcement of the upcoming launch of spot trading for HYPE on the world’s largest crypto exchange.
Buzz around HYPE
In addition, Hyperliquid has been attracting and maintaining attention for several months, largely due to crypto influencer James Wynn, whose significant short and long positions have been actively discussed online.
It is reported that in May, his involvement helped push Hyperliquid’s daily trading volume to $8 billion.
Several other positive developments—such as token distributions and community engagement—also continue to fuel the HYPE rally.
As of now, HYPE's market capitalization stands at approximately $12.51 billion, with 24-hour trading volume exceeding $306 million.
As we wrote, Bitget CEO criticizes Hyperliquid's handling of JELLY incident as centralization concerns rise
