HYPE rallies 30% toward $105 as app revenue tops Ethereum

• HYPE climbs more than 30% in five days, nearing all-time high at $74
• Surpasses Ethereum in app revenue with $57.9M over 30 days

On June 1, 2026, Cointelegraph reported that Hyperliquid’s native token HYPE rallied over 30% in five days, reaching a record high close to $74 after breaking out of a bull pennant chart pattern. Technical analysis established HYPE’s upside price target near $105. Analysts attributed the breakout to strong fundamentals, including record open interest in HYPE futures at $3.5 billion and persistently bullish funding rates.

The rally coincided with significant short liquidations that pointed to a short squeeze in HYPE derivatives markets. This surge in activity demonstrated robust market structure and sustained institutional flows. Meanwhile, Hyperliquid surpassed Ethereum to become the second-largest blockchain by app revenue over a 30-day period, registering $57.9 million. Observers attributed this milestone to Hyperliquid’s fee buyback mechanism, which reinforced demand and attracted additional trading volume.

Institutional catalysts played a role. Recent CFTC recognition of perpetuals provided regulatory clarity. In addition, US-listed HYPE ETFs launched in mid-May and quickly drew over $122 million in net assets, supporting market momentum and increasing visibility among traditional investors. Positive sentiment continued despite the Relative Strength Index (RSI) reading above 77, indicating stretched momentum and suggesting caution for a possible near-term pullback.

As of June 1, 2026, 15:09 UTC, Hyperliquid (HYPE) is trading at $71.472, with a 5.14% change in 24-hour volume, according to CoinMarketCap.