🔥Why did the Hype token from Hyperliquid suddenly rise? 👀

The #Token #hype of #Hyperliquid has risen more than 24% in the last 24 hours, marking a strong bullish rally. This would be related to the increase in futures volume of #silver on the decentralized Exchange Hyperliquid.

Silver futures have exploded in popularity on Hyperliquid. During the morning hours on Monday in the U.S., silver traded at $111, reaching a peak price of $117. In this rise of silver, a volume of $1,250 million was recorded in 24 hours, becoming the third most active market on Hyperliquid, only behind #bitcoin and ether.

What does the increase in silver volume have to do with the rise of the Hype token?

It has a lot to do with it; since October, Hyperliquid has allowed users to create their own perpetual futures markets (example: silver) by locking HYPE tokens. The fees generated in this market are split 50% for the Exchange and the other 50% for the market creator.

So more trading translates to more revenue, and under the current design of Hyperliquid, most of that revenue is used to buy back HYPE tokens, which creates a loop, causing the price to rise.

I find the system created by Hyperliquid very interesting, in addition to the option it gives its users to not only trade cryptocurrencies but also commodities that are experiencing a strong bullish rally at the moment.

Do you think the HYPE token will continue to rise?

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