$HYPE Hyperliquid has attracted a lot of capital with its on-chain perpetual trading model, and the revenue figures are indeed impressive: in the past 30 days, protocol fees surpassed $40 million, consistently ranking among the top on the entire chain, with daily revenue even exceeding that of several established blockchain platforms multiple times. Many folks are starting to realize that it’s not just a hype play anymore; it genuinely has cash flow capabilities.
Moreover, with Hyperliquid's perpetual contract trading volume continuously expanding, on-chain active users and capital accumulation are on the rise, and the market is starting to view it as a "blockchain version of an exchange platform token." Now even institutions like Bitwise, Grayscale, and 21Shares are spreading ETF-related expectations, and the sentiment has been ignited.
That said, to be honest, I believe we shouldn’t get too carried away at this level. After all, the market cap is already substantial, and these ETF expectations can easily get priced in ahead of time, especially if it struggles to maintain stability around $40; chasing highs in the short-term can easily lead to being liquidated. Personally, I lean towards waiting for a pullback confirmation before considering any second chances. What do you all think? Can HYPE continue to strengthen, or is it already a bit overvalued?
#Hyperliquid