Hyperliquid’s HYPE token exploded to a new all-time high above $51, gaining 34% in a day amid aggressive buybacks and record protocol revenue.
Hyperliquid’s native token HYPE BTC $111 727 24h volatility: 0.8% Market cap: $2.23 T Vol. 24h: $76.21 B has gained more than 34% in the past 24 hours, reaching a fresh all-time high of $51.07 after climbing from a daily low of $44.73.
The explosive rally has pushed the token’s weekly gains to over 22% and its yearly surge to nearly 1,500%, making it one of the fastest-growing assets in the crypto space.
HYPE’s rally came alongside broader market strength, as Bitcoin BTC $111 727 24h volatility: 0.8% Market cap: $2.23 T Vol. 24h: $76.21 B reclaimed $111,000 (up 1.11%) and Ethereum ETH $3 841 24h volatility: 0.8% Market cap: $463.55 B Vol. 24h: $42.63 B jumped back above $4,600, gaining 4.31% in 24 hours, cementing its position as the next crypto to explode.
Buybacks Driving Momentum
The latest HYPE breakout is being fueled by Hyperliquid’s intensified buyback program. The team recently raised the percentage of fees allocated to buybacks from 97% to 99%, while also expanding the validator set to 24.
The adjustment reduces the share flowing to the HLP from 3% to 1%, redirecting more value into HYPE’s market cap.
Just woke up to Jeff & team raising the Assistance Fund buyback from 97% to 99% of fees and increasing the validator set to 24.
A couple thoughts:
1) Reducing HLP fee share from 3% to 1% should create a marginal flow from HLP TVL into HYPE market cap.
2) The perpetual AF bid… pic.twitter.com/H2efcaSBec
— Skewga.hl (@skewga_hyper) August 26, 2025
The move effectively increases the perpetual bid for HYPE on the market, signaling that the team views the token as undervalued and more worthwhile to hold than to recycle into liquidity provision.
Fundamental Strength
Data from analyst Aylo shows the protocol generated nearly $29 million in revenue on August 18, a figure that outpaced daily earnings of both Ethereum and Solana SOL $182.7 24h volatility: 1.0% Market cap: $99.86 B Vol. 24h: $10.30 B .
Over the same weekend, fee revenues annualized to almost $2 billion, rivaling the largest centralized exchanges. Spot trading volumes even surpassed the combined activity of the top crypto exchanges Coinbase and Bybit.
$2B annualized… ON A WEEKEND
Oh, and Hyperliquid did more spot volume than Coinbase and Bybit…COMBINED
HigherLiquid 🫡 pic.twitter.com/I0vzHINCcD
— daz.hl (@MetamateDaz) August 24, 2025
BTC and ETH Comeback
Santiment reported that August saw an increase of 13 wallets holding 1,000+ BTC (total 2,087) and 48 wallets holding 10,000+ ETH (total 1,275), indicating continued accumulation by large holders.
📈 Crypto is rebounding nicely, and it starts with Bitcoin's & Ethereum's key stakeholder numbers continuing to grow.
1⃣ 13 More 1K+ $BTC wallets in August (2,087 total)
2⃣ 48 More 10K+ $ETH wallets in August (1,275 total)🔖 Bookmark & keep track here: https://t.co/N5Ca8FYC9G pic.twitter.com/bIG7XmRdyj
— Santiment (@santimentfeed) August 26, 2025
Glassnode, however, provided a more cautious perspective, noting that Bitcoin long-term holders have already realized more profit this cycle than in all but one previous cycle (2016–17), indicating heightened sell-side pressure.
They also highlighted that Bitcoin has now spent 273 consecutive days with the majority of supply in profit, the second-longest stretch in history, an indicator that the current cycle may be entering a mature phase.
HYPE Price Analysis: What’s Next?
The 4-hour chart for HYPE shows a decisive breakout from a symmetrical triangle pattern, backed by strong volume. The RSI sits near 69, pointing to strong bullish momentum but nearing overbought territory.
The MACD is sharply positive, confirming renewed upward strength. Both Balance of Power and Chaikin Money Flow indicate steady accumulation, suggesting fresh capital continues to enter the market.
HYPE price action with momentum indicators as of Aug 27 | Source: TradingView
Fibonacci extensions from the breakout place upside targets at $51.60 (1.618 Fib), $56.60 (2.618 Fib), $61.62 (3.618 Fib), and potentially $64.72 (4.236 Fib) if momentum persists. On the downside, support is seen at $48.50 and near the breakout trendline at $46.
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