Key Highlights:
- Hyperliquid’s price has surged by 50% in the last three days.
- Trading of precious metals has increased on the platform.
- $HYPE trading volume has also significantly increased in the last 24 hours.
Hyperliquid’s native token $HYPE made it to the headlines as the price of the token surged more than 50% in the past three days. The main reason why this has happened is because of all the trading of precious metals that is happening on Hyperliquid platform.
At press time, the price of the token has crossed the $30 mark and stands at $32.91 with an uptick of 21.01% in the last 24-hours as per CoinMarketCap.
$HYPE 24-Hours ChartExplosive Volume in Silver Futures
One of the most traded assets on the Hyperliquid platform was silver. The precious metal clocked more than $1.1 billion in 24-hour. The figure itself is so huge that it is a clear indication of how fast the decentralized exchange is growing in commodities trading. The rise can all be attributed to Hyperliquid’s perpetual market, where tokenized assets like silver are bringing in crypto traders.
What has encouraged people to use this platform is its low fees and high leverage. Both of these features has gained attention from whales and retail traders and has turned precious metal one of the main reasons why the trading activity has increased over the platform.
Other precious metals such as gold and platinum also experienced uptick which also helped the platform’s overall daily volume exceeding $5 billion.
Why $HYPE is Rallying Now?
HYPE’s price is very closely related to the platform’s growth as a fast Layer-1 built for perpetuals trading. The token has various functions, it is used for fees, staking and governance. So as the trading volume increases, it directly increases the demand of the HYPE token. As per the above image, the trading volume in the last 24-hours has increased by 96.12%, which indicates a strong market activity and interest.
In the past three days, the token was hovering somewhere around $27 but with this increase in trading activity the price of the token has jumped above the $30 resistance mark.
Traders have also pointed out that near-instant transactions and leverage up to 50x on commodities without having to use centralized exchange are also the reasons why people are using this platform for trading precious metals.
Also Read: Onchain Perps Hit $12T, Hyperliquid and Rivals Redefine 2025
Source: https://www.cryptonewsz.com/hyperliquid-silver-boom-hype-above-30/
