TLDR
- HYPE is up 4% in 24 hours, trading around $82, up 220%+ year-to-date
- A whale wallet bought $26M more HYPE and staked it, bringing their total stack to $322M
- Hyperliquid burned 32,770 HYPE (~$2.65M) in 24 hours at an average price of $81
- Open interest rose from $7.9B to $8.1B this week, but BTC trade volumes dropped 79% in 7 days
- Analysts target $100 for HYPE, but warn a pullback to $75 is possible first
Hyperliquid’s HYPE token is trading around $82, up over 220% year-to-date, making it the 9th most valuable crypto by market cap with an $18.2 billion valuation.
The token gained 4% in the past 24 hours, partly driven by the listing of the Solana-based memecoin USELESS on Hyperliquid. That token surged 15% after the listing, with volumes jumping 30% to $173 million.
A major whale wallet has been stacking HYPE aggressively. According to on-chain tracker Lookonchain, wallet address 0x6436 bought another 308,569 HYPE worth roughly $26 million and staked it. That brings their total to 4.05 million HYPE, valued at around $322 million — all staked.
🚨HYPE WHALE ADDS ANOTHER $26M!
Wallet 0x6436 bought another 308,569 $HYPE, about $26 million, and staked it. That takes itsstack to 4.05 million $HYPE, worth about $322 million, all staked, per @lookonchain.
The same address has been buying and staking since early summer,… pic.twitter.com/DvKCuadIfg
— Crypto Banter (@crypto_banter) September 10, 2026
Crypto Banter flagged the move on X, noting the same address has been buying and staking since early summer, including a 3.24 million HYPE purchase last week.
On the supply side, Hyperliquid bought and burned 32,770 HYPE — around $2.65 million — in just 24 hours at an average price of $81.01, according to on-chain data shared by OnchainLens. The lifetime burn now stands at 48.57 million HYPE, worth roughly $3.82 billion at current prices.
HYPERLIQUID BURNS $2.65M HYPE IN 24 HOURS
Hyperliquid bought and burned 32.77K $HYPE (~$2.65M) over the past 24 hours at an $81.01 average price.
Lifetime:
• 48.57M $HYPE burned
• ~$3.82B at current value
• 4.86% of max supply permanently removed@HyperliquidX pic.twitter.com/WvyxflnHIw— Onchain Lens (@OnchainLens) September 12, 2026
Bull Flag Points to $100, But Pullback Risk Is Real
Open interest on Hyperliquid rose from $7.9 billion to $8.1 billion this week, suggesting traders are still positioning for more upside.
However, BTC trade volumes on the platform dropped sharply — from 3.08 million trades the week of August 16 to just 656,000 last week, a 79% decline. A bearish divergence has appeared on the daily chart, signaling weakening momentum.
Technically, a bull flag pattern has formed after HYPE broke above $75. Analysts maintain a $100 price target but flag a possible pullback to $75 first, a potential 13% drop from current levels.
Regulation Is the Biggest Risk, Says Ran Neuner
Ran Neuner, founder of Crypto Banter, appeared on Cointelegraph’s Chain Reaction podcast and named regulation as Hyperliquid’s biggest threat. He said governments have started regulating centralized exchanges and expects decentralized platforms to be next.
At the same time, Neuner said Hyperliquid’s network effects give it a strong moat. “You can’t copy a network,” he said, comparing it to Uber’s dominance in ride-sharing.
On the regulatory front, President Trump said in August that CFTC Chair Michael Selig was working to bring Hyperliquid into the US in a “fully compliant and legal fashion.” HYPE jumped around 20% on that news, trading near $70 at the time.
HYPE currently trades at $82 with a fully diluted valuation of roughly $78.4 billion.
