Hyperliquid's HYPE Token Skyrockets 101% in 2024, Outpacing Bitcoin and Solana
Hyperliquid’s native token, HYPE, has surged in value this week. On Thursday, it traded at $55.91, marking a 17.3% increase in just 24 hours. The cryptocurrency’s market capitalisation now stands at roughly $13.4 billion, while its fully diluted valuation briefly overtook Solana’s on Wednesday. HYPE’s price has climbed 101% since the start of the year, sharply contrasting with bitcoin’s 12% decline over the same period. The token’s fully diluted valuation (FDV) peaked at $54.7 billion on Wednesday, edging past Solana’s $54.2 billion FDV.
Institutional interest in HYPE has grown rapidly. Two U.S.-listed spot ETFs for the token recorded a single-day high of $25.5 million in net inflows on Wednesday. This figure far exceeded the protocol’s daily Assistance Fund burn of around $1.4 million—by 17 times. Bitwise’s BHYP ETF, launched just 20 days ago, saw $8.8 million in net inflows on the same day. Meanwhile, 21Shares’ THYP led with $16.7 million in inflows, up from $5.3 million the previous day. Cumulative net inflows for these ETFs have now reached $54 million in only seven trading days. Hyperliquid itself has generated about $255 million in revenue year to date. This total surpasses the combined earnings of the next two largest protocols. Institutions are also investing in HYPE ETFs at a faster rate than they did with bitcoin ETFs when adjusted for market capitalisation.
The sharp rise in HYPE’s price and institutional demand has pushed its valuation beyond key competitors. With ETF inflows accelerating and revenue figures climbing, the token’s market position continues to strengthen. The protocol’s financial performance and growing investor interest suggest sustained momentum in the near term.
