Hyperliquid's native token, HYPE, has achieved a remarkable all-time high of $82, marking a significant 38% increase over the past week. This surge comes on the heels of Multicoin Capital transferring nearly $20 million worth of HYPE to Coinbase Prime, sparking excitement in the market.
The rally was notably influenced by comments from former President Donald Trump, who indicated that the Commodity Futures Trading Commission (CFTC) is working to bring Hyperliquid into the U.S. market in a compliant manner. This announcement on August 19 sent HYPE soaring, with the token experiencing a 25% jump in just one day.
Currently, HYPE boasts a trading volume exceeding $2 billion and a market cap of $17.17 billion. Hyperliquid has also reported over $176 billion in trading volume over the past 30 days, with open interest surpassing $8 billion.
Despite the positive momentum, Multicoin's ongoing deposits into Coinbase Prime raise questions. In a single day, the firm moved 308,884 HYPE, valued at approximately $19.8 million, followed by additional transfers totaling over $100 million since February 2026. This trend has led traders to closely monitor Multicoin's activities, especially given their bullish outlook on HYPE's future value.
To counteract potential sell pressure, Hyperliquid has implemented a buyback mechanism, directing nearly all trading revenue into repurchasing HYPE. With over $896 million in revenue generated in the past year, the buyback program has significant resources to support the token's price.
As traders keep an eye on the CFTC's review of Hyperliquid, the potential for formal U.S. market access could further boost demand for HYPE, expanding its institutional base beyond current offshore trading.
