The total volume of $15 trillion tops the on-chain contract throne, is Hyperliquid (HYPE) the next SOL?
Original | Odaily Daily Report (@OdailyChina)
Author｜Wenser（**@wenser 2010 ）
During market fluctuations, on-chain contract trading becomes increasingly popular, with the Hyperliquid platform’s trading volume and HYPE token market value reaching all-time highs: cumulative trading volume surpasses $1.5 trillion, and the price of HYPE token once exceeded $45.
Behind the impressive results, it is not only the operations of whales and retail investors in long and short contracts but also the increased trading by investment institutions that cannot be overlooked.
At the end of June, well-known investment institutions Galaxy and ManifoldTrading will deposit a total of 30 million USD in USDC into HyperLiquid and start purchasing HYPE tokens; previously, the US-listed company Lion Group Holding Ltd. (stock code: LGHL) had allocated 2 million USD to purchase HYPE tokens.
The discussion about “institutional entry layout HYPE” is getting more and more intense, with some even calling out the former slogan - “HYPE is the next SOL” - the last one that was highly anticipated was SUI, and this is also the first time HYPE has been elevated to such a level for discussion.
Odaily will provide a brief analysis of this speculation in this article, exploring the driving forces behind the HYPE and its future potential.
The Rising Dynamics of HYPE: Platforms, Institutions, and Over-the-Counter Buying
Unlike the relatively stable price of SUI, the price of the HYPE token has undergone a series of dramatic fluctuations.
In March of this year, due to issues with the platform’s mechanism settings, the Hyperliquid platform’s HLP was once targeted by large holders, resulting in losses of millions of dollars. The platform also fell into a trust crisis due to data rollback. (Odaily note: For details, refer to articles such as “Why Did Hyperliquid Whales Self-Destruct? Who is Bearing the Millions of Dollars in Losses?” and “To Compensate for Over $200 Million in Losses, Hyperliquid’s ‘Pulling the Plug’ Forced Settlement Sparks Controversy.”) The price of HYPE was also affected, dropping from around $13 to nearly $10, with many believing at the time that Hyperliquid would lose its contract market under the siege of CEXs like Binance, OKX, and Bybit.
But as time entered April, after Trump initiated the tariff trade war and released some favorable news, the overall market along with the contract market provided Hyperliquid with a new development opportunity, and HYPE also began its journey of bottom repair and even reaching new highs again—on May 23, the price of HYPE broke through 33 dollars, surpassing 32.3 dollars on December 22, 2024, setting a historical high; until June 16, the price of HYPE reached a historical peak of 45.59 dollars.
HYPE price performance
Looking closely at the underlying driving forces behind the rise, I believe it is mainly driven by the following factors:
Driving Force 1: Platform Development and Buyback
In addition to benefiting from the good development of the fluctuating market, the buyback mechanism and staking mechanism of the Hyperliquid platform provide strong momentum for the steady rise in the price of HYPE tokens.
According to data from the ASXN Data website, based on the on-chain data of the past 30 days as of June 30, 2025, the average daily repurchase amount of the HYPE token of the Hyperliquid protocol is 1.86 million USD. It can be said that this repurchase fund is the biggest driving force behind the increase of the HYPE token, which has a total supply of 1 billion and a circulating supply of about 330 million.
HYPE token buyback fund scale
According to Hyperliquid community builders Charlie.hl and supermeow.hl, who previously applied the traditional stock market payment industry metric of “market cap / quarterly repurchase amount” in their article “How does Hyperliquid, valued at $25.9 billion, simultaneously occupy both the infrastructure and application layers?”, they conservatively estimate that the price of HYPE is expected to rise to $76.
In addition, the Builder Code program launched by Hyperliquid also provides functional support and user-level convenience for developers to charge fees through the platform, which is expected to attract more on-chain developers and institutions to access the Hyperliquid gateway, further promoting the development of the platform ecosystem.
Upward Momentum II: Institutional-Level Layout
Similar to how early investment institutions like Multicoin Capital once invested in Solana and continued to buy SOL tokens, now, some investment institutions have set their sights on Hyperliquid, known as the “on-chain contract market leader.”
Previously, according to monitoring by Onchain Lens, two investment institutions @galaxyhq and @ManifoldTrading deposited a total of 30 million USDC into HyperLiquid and began purchasing HYPE tokens.
According to information I found on the Arkham platform, the address 0x091144E651b334341eaBdBbbfed644aD0100023E is indeed associated with ManifoldTrading. Previously, this address received a transfer of 10 million USD from the address 0x1807cfb43abB681ae6a3e9568ec5dd77f210d78E on June 16. The suspected galaxy address 0xcaC19662Ec88d23Fa1c81aC0e8570B0cf2FF26b3 is in a similar situation.
On-chain information
Currently, addresses related to galaxy hold over 540,000 HYPE, valued at approximately 20.85 million USD, ranking 31st in holdings; addresses related to ManifoldTrading hold about 202,000 HYPE, valued at approximately 7.82 million USD, ranking 82nd in holdings. Both addresses currently have multiple open orders on Hyperliquid and still hold short positions in tokens such as BTC, S, FARTCOIN, ENS, each with various profits and losses.
It is evident that institutions are not only buying HYPE for positioning but are also getting involved and opening positions on the Hyperliquid platform to earn profits.
Odaily address holding information
ManifoldTrading address position information
Rising Momentum Three: Off-exchange Buying by US Listed Companies
Apart from the internal and external factors mentioned above, similar to how Strategy hoards BTC to boost both the BTC price and its own stock price, some U.S. listed companies have applied the same strategy to HYPE.
On June 23, according to an official announcement, Eyenovia, Inc. (NASDAQ: EYEN) announced the completion of a $50 million private placement and acquired 1,040,584.5 HYPE tokens, thus becoming the first company listed on the NASDAQ in the United States to hold HYPE tokens. After the news broke, the EYEN stock price soared by 77% in a single day and increased by 181% over the past five days.
At the end of June, the US-listed company LGHL (Lion Group Holding Ltd.) announced that it has completed a strategic purchase of Hyperliquid (HYPE) tokens for an initial amount of 2 million USD, with an average price of approximately 37.30 USD per token. This acquisition also marks the first token purchase under the company’s 600 million USD convertible bond financing.
Since then, HYPE has also become one of the cryptocurrencies supported by the buying power of over-the-counter US-listed companies, and to some extent, it has even achieved a market position comparable to established cryptocurrencies like BTC, ETH, and SOL.
From a data dimension perspective, how far is HYPE from SOL?
On May 26, according to Coingecko data, the HYPE price is reported at $38.03, with a market capitalization of $12.64 billion, surpassing SUI, ranking 13th in total cryptocurrency market capitalization (including USDT, stETH, WBTC, etc.).
On June 16, as the price reached an all-time high, HYPE’s market capitalization briefly exceeded 15 billion dollars, touching 15,017,966,172 dollars, setting a new record. As of the time of writing, the HYPE price is reported to be around 39 dollars, with a circulating market cap of approximately 13 billion dollars and an FDV of about 39 billion dollars.
In contrast, as of the time of writing, the SOL price is reported at 149 dollars, with a circulating supply of 534 million coins and a total supply of 600 million coins; its circulating market cap is approximately 80 billion dollars, and the FDV is around 90 billion dollars.
Although the ecological positioning of the two is not entirely consistent, in the current situation where the meme coin craze has faded and on-chain contracts have become the mainstream segment of the cryptocurrency market, there are already certain signs of “SOL消HYPE涨”.
Based on the conservative estimate price of 76 dollars mentioned earlier, the circulating market capitalization of HYPE is expected to rise to around 25 billion dollars; its FDV will increase to around 76 billion dollars, which is about 84% of SOL’s current FDV.
Conclusion: The next breakout point for HYPE is ecological-level applications.
In summary, considering the on-chain contract platform, HyperEVM ecosystem, Hyperliquid NFT, and other assets and ecological development, Hyperliquid has tremendous potential for future growth. If a “killer app” similar to Pump.fun for the Solana ecosystem can emerge, HYPE may not be unable to compete with SOL.