Hyperlane (HYPER) Hits All-Time High as Trading Volume Surges Over 1,600%

Hyperlane (HYPER) reached an all-time high (ATH) today, fueled by its recent listings on South Korea’s leading cryptocurrency exchanges. 

Additionally, the token’s 24-hour trading volume surged by over 1600%, highlighting a significant increase in market interest and trading activity.

Hyperlane (HYPER) Records New All-Time High 

For context, Hyperlane is an interoperability protocol that enables seamless communication and asset transfers across different blockchains without centralized intermediaries. It supports multiple virtual machines, offers permissionless deployment, and provides customizable security features.

Its native token, HYPER, launched in late April, and Binance listed it. The listing drove its price to $0.366, marking an ATH. However, the momentum faltered shortly after. 

Furthermore, Upbit’s listing of HYPER against Bitcoin (BTC) and Tether (USDT) pairs triggered a brief surge in late May. Yet again, the rise was short-lived. Thus, the prolonged downtrend continued.

In late June, HYPER hit an all-time low. Nonetheless, yesterday, the token broke out of its slump with Upbit’s addition of a KRW trading pair and Bithumb’s parallel listing. This dual listing catalyzed a 500% price jump, with HYPER rising from $0.116 to $0.668 in a single day, according to data from BeInCrypto.

The rally continued today, with HYPER peaking at a new record high of $0.689 approximately seven hours ago. However, the token has since declined 21% from its peak. 

At the time of writing, the HYPER token was trading at $0.54, up 88.88% over the past day.

Hyperlane (HYPER) Token Price Performance. Source: BeInCrypto

This rise has secured HYPER a second spot among the top weekly and daily gainers in the top 1,000 cryptocurrencies on CoinGecko. The latest data shows that the market cap has also increased from around $20 million to over $95 million.

Aside from the price, the listing also catalyzed a surge in trading activity. CoinMarketCap data showed that, on June 10, HYPER’s trading volume exceeded $1 billion for the first time.

Moreover, at press time, trading volume was recorded at 3.87 billion. This represented an increase of 1,663% from the previous day. 

“HYPER exploded in the past 24H…Momentum like this doesn’t lie. Narrative + access = ignition. Keep your eyes on it,” an analyst posted.

The growing surge in search queries for terms like “Hyper Token” and “Hyperlane,” also serves as evidence of increased market interest. Google Trends data showed that the search interest for both terms reached 100, indicating heightened curiosity and engagement.

In addition, HYPER is currently ranked among the top trending coins on CoinGecko, solidifying its position as a focal point of attention in the market.

Meanwhile, HYPER token’s top holders have increased their stake. Nansen data highlighted that the top 100 holders have accumulated 93.2 million since July 8. This sharp increase reflects growing confidence in HYPER’s prospects.

HYPER Token Accumulation. Source: Nansen

Nevertheless, not everyone is convinced of HYPER’s potential. An analyst suggested it could experience a crash similar to Mantra (OM) or Kinto (K).

“Hyperlane’s HYPER is the next OM or K,” the post read.

Furthermore, the project is still in its early unlock phase, with only 8% of the total supply currently unlocked. The token unlock schedule will extend over the coming decades. 

Tokenmics data showed that the team will release new supply from July 22. This could potentially exert downward pressure, challenging HYPER’s latest gains.