Hyperliquid (HYPE) Surges to All-Time Highs, Overtakes Dogecoin in Futures Market with Record TVL and Bullish Momentum

Hyperliquid (HYPE), a layer 1 blockchain specializing in decentralized finance (DeFi), has rapidly ascended both in price and market prominence. The HYPE token recently reached a new all-time high above $44.76, recording an 11% daily and 25% weekly gain as of June 16, 2025. The platform’s total value locked (TVL) soared to $2.24 billion, up 7% in one day and significantly higher than just five days prior. Previously, HYPE surpassed Dogecoin (DOGE) to become the fifth-largest digital asset by futures open interest, trailing only XRP, BTC, ETH, and SOL. Its open interest hit $2.06 billion following a fourfold rally over three months. Hyperliquid dominates on-chain perpetual futures activity, accounting for 60% of trading volume ($94.3 billion last week). Support for HYPE’s rally includes aggressive token buybacks (with 97% of fees used for repurchases), a growing developer and trader ecosystem, rising derivatives volume (up 29% to $1.8 billion), and bullish technical indicators like a daily RSI at 69 and a bullish MACD crossover. Institutional traders and whales have profited significantly, with one achieving $13.7 million in floating profit using 4x leverage at peak prices. Though market sentiment remains strongly bullish and analysts set $50–$100 as potential targets, traders should monitor for short-term profit-taking, which could establish support between $40 and $32. Overall, Hyperliquid’s rapid growth, high liquidity, and compelling technicals signal robust confidence among crypto traders, making HYPE a major focus in the current market cycle.