With a total trading volume of $1.5 trillion topping the on-chain contract throne, Hyperliquid (HYPE) is the next SOL?
Original|Odaily (@OdailyChina).
Author Wenser (@wenser 2010).
During the period of market turmoil, the on-chain contract market became more and more popular, and the trading volume of the Hyperliquid platform and the market value of HYPE tokens both reached record highs: the cumulative trading volume exceeded $1.5 trillion, and the price of HYPE tokens once exceeded $45.
Behind the brilliant results, it is inseparable from the long and short contract operations of giant whales and retail investors, as well as the trading holdings of investment institutions.
At the end of June, well-known investment institutions Galaxy and ManifoldTrading deposited a total of $30 million in USDC into HyperLiquid and started buying HYPE tokens; Previously, U.S.-listed Lion Group Holding Ltd. (ticker: LGHL) also allocated $2 million to buy HYPE tokens.
The discussion about "institutional entry layout HYPE" has intensified, and some people have shouted the same slogan - "HYPE is the next SOL" - the last one to be highly anticipated was SUI, which is the first time that HYPE has been elevated to such a point.
In this article, Odaily will briefly analyze this speculation and explore the upward momentum and future potential behind HYPE.
Upward dynamics of HYPE: Platforms, Institutions vs. OTC Buying
Different from the relatively stable price of SUI, the price of the HYPE token can be described as experiencing a series of ups and downs.
In March of this year, due to the problem of platform mechanism setting, the Hyperliquid platform HLP once lost millions of dollars due to the targeted blasting of large investors, and the platform also fell into a deep crisis of trust due to the rollback of data. (Odaily Planet Daily Note: For details, please refer to "Why did Hyperliquid Whale explode and close its position?") Who bears the millions of dollars in losses? "In order to make up for the loss of more than 200 million US dollars, Hyperliquid's "unplugging the network cable" forced settlement caused controversy" and other articles. The price of HYPE was also affected by the pond fish, falling from around $13 to around $10 at one point, and many people even thought that Hyperliquid would lose the contract market under the siege of Binance, OKX, Bybit and other CEXs.
However, as the time entered April, Trump launched a tariff trade war and released a slow cheek, the broader market and the contract market gave Hyperliquid a new round of development opportunities, and HYPE also started its own journey of bottom repair and even new highs - on May 23, the HYPE price broke through $33, surpassing $32.3 on December 22, 2024, hitting a record high; Until June 16, the HYPE price hit an all-time high of $45.59.
HYPE price performance
Looking at the upward momentum behind it, I personally believe that it is mainly driven by the following factors:
Upward momentum 1: platform development and buyback
In addition to Hyperliquid's good development in the volatile market, the buyback mechanism and staking mechanism of the Hyperliquid platform have provided a strong impetus for the steady rise in the price of HYPE tokens.
According to the ASXN Data website, based on on-chain data for the past 30 days ending June 30, 2025, the Hyperliquid protocol's average daily buyback of HYPE tokens was $1.86 million. Arguably, this buyback fund is the biggest upside driver for the 1 billion HYPE tokens with a circulating supply of about 330 million.
The size of the HYPE token buyback funds
According to Hyperliquid community builders Charlie.hl and supermeow.hl, they previously wrote in "How does Hyperliquid, which is valued at $25.9 billion, occupy both the infrastructure and application layers?" After applying the "market capitalization/quarterly repurchase" multiple metric of the traditional stock market payment industry, the HYPE unit price is expected to rise to $76 in a very conservative estimate.
In addition, the Builder Code program launched by Hyperliquid also provides functional support and user-level convenience for developers to charge fees through the platform, which is expected to attract more on-chain developers and institutions to access the Hyperliquid port and further promote the development of the platform ecosystem.
Upward momentum 2: institutional-level layout
Similar to the early investment of institutions such as Multicoin Capital and the continuous purchase of SOL tokens, there are now also investment institutions that have set their sights on Hyperliquid, which is known as the "on-chain contract market hegemon".
Previously, according to Onchain Lens monitoring, 2 investment institutions, @galaxyhq and @ManifoldTrading, deposited a total of $30 million in USDC into HyperLiquid and began to buy HYPE tokens.
According to the information I looked up from the Arkham platform, the address 0x091144E651b334341eaBdBbbfed644aD0100023E is indeed the ManifoldTrading associated address, which had previously received the 1000 transferred from ManifoldTrading on June 16 from address 0x1807cfb43abB681ae6a3e9568ec5dd77f210d78E $10,000 in funding The suspected Galaxy address 0xcaC19662Ec88d23Fa1c81aC0e8570B0cf2FF26b3 is similar.
On-chain information
At present, galaxy-related addresses hold more than 540,000 HYPE, worth about $20.85 million, ranking 31st in terms of holdings; ManifoldTrading-related addresses hold about 202,000 HYPE, worth about $7.82 million, ranking 82nd in terms of holdings. The two addresses currently have opened multiple orders in Hyperliquid, and still hold short positions in BTC, S, FARTCOIN, ENS and other tokens, each with its own profit and loss.
It can be seen that institutions not only buy HYPE for layout, but also enter the game, and they also open positions on the Hyperliquid platform to make profits.
Galaxy address position information
ManifoldTrading address position information
Upward momentum three: over-the-counter U.S. stock listed companies buying
In addition to the above internal and external factors, just as Strategy hoards BTC to boost the price of BTC and its own stock price, some U.S. listed companies also use the same strategy on HYPE.
On June 23, Eyenovia, Inc. (NASDAQ: EYEN) announced the completion of a $50 million private placement of 1, 040, 584.5 HYPE tokens, making it the first company to list HYPE tokens on NASDAQ in the United States. AFTER THE NEWS WAS ISSUED, EYEN'S STOCK PRICE ROSE 77% IN INTRADAY TRADING IN A SINGLE DAY AND 181% IN LAST 5 DAYS.
At the end of June, U.S.-listed LGHL (Lion Group Holding Ltd.) announced that it had completed its first strategic purchase of Hyperliquid (HYPE) tokens in the amount of $2 million, with an average price of about $37.30 per coin. The acquisition is also the company's first token purchase under a $600 million convertible bond financing.
Since then, HYPE has also become one of the cryptocurrencies supported by the buying of over-the-counter U.S. listed companies, and to a certain extent, even has the market position of established cryptocurrencies such as BTC, ETH, SOL.
In terms of data, how far is HYPE from SOL?
On May 26, according to Coingecko data, the price of HYPE was temporarily at $38.03, and the market value was tentatively at $12.64 billion, surpassing SUI and ranking 13th in the total market capitalization of cryptocurrencies (including USDT, stETH, WBTC, etc.).
On June 16, as the price reached an all-time high, HYPE's market capitalization briefly exceeded $15 billion, hitting a record high of $15, 017, 966, 172. At the time of writing, the price of HYPE is tentatively trading at around $39, with a circulating market capitalization of about $13 billion and an FDV of about $39 billion.
In contrast, at the time of writing, the SOL price is tentatively trading at $149, with a circulating supply of 534 million and a total supply of 600 million. It has a circulating market capitalization of about $80 billion and an FDV of about $90 billion.
Although the ecological positioning of the two is not completely consistent, at the moment when the meme coin boom has receded and on-chain contracts have become the mainstream sector of the crypto market, "SOL eliminates HYPE rise" has a certain sign of rudiments.
Based on the aforementioned conservative estimate of $76, the HYPE float is expected to rise to around $25 billion; Its FDV will rise to around $76 billion, which is about 84% of SOL's current FDV.
Conclusion: The next flashpoint for HYPE is eco-grade applications
To sum up, combined with the on-chain contract platform, HyperEVM ecosystem, Hyperliquid NFT and other assets and ecological development, Hyperliquid has great potential for future development. If there is a "killer app" like Pump.fun for the Solana ecosystem, HYPE will not be able to wrestle with SOL.