Hyperliquid’s HYPE is poised to retest its record high after rallying nearly 119% year-to-date.
The token climbed to $58.9 early Thursday before easing to $57.6 at the time of writing, placing it just 2.5% below the record peak it reached in September 2025, CoinMarketCap data shows.
HYPE continues to outperform heavyweight crypto assets including Bitcoin and Ethereum in 2026. Fueled by its recent price momentum, the asset has climbed to become the 10th-largest crypto, surpassing some legacy players like Zcash and Cardano.
Behind the price action, on-chain data points to growing institutional participation and sustained whale accumulation.
Lookonchain reported that two wallets associated with Grayscale acquired and staked over 510,000 HYPE worth approximately $25 million over the past week. The activity came after Grayscale filed paperwork in January for a potential HYPE ETF.
