HYPE (Hyperliquid) rose 7.39% in the last 24 hours.

Gate News Bot news, on October 23, according to CoinMarketCap data, HYPE (Hyperliquid) is currently priced at $37.73, having risen 7.39% in the last 24 hours, with a highest price of $39.55 and a lowest of $33.53. The 24-hour volume reached $664 million. The current market capitalization is approximately $12.704 billion, an increase of nearly $874 million compared to yesterday.

Hyperliquid is a blockchain platform aimed at integrating all financial services. It offers a high-performance chain where users can build projects, create value, and exchange assets. HYPE, as the platform's native token, allows anyone to own, govern, and secure the Hyperliquid network. The flagship application of the platform is a decentralized exchange, featuring low fees, up to 40x leverage, a fully on-chain order book, and one-click trading, among others. Hyperliquid has a block time of 0.07 seconds, a maximum TPS of 200,000, and a daily trading volume of $8.1 billion.

Important recent news about HYPE:

1️⃣ Hyperliquid Strategies plans to raise $1 billion Hyperliquid Strategies has submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC) to raise up to $1 billion. This funding may be partially used to purchase HYPE tokens, indicating strong institutional interest in HYPE and potentially bringing new buying support for HYPE.

2️⃣ Large-scale token buyback plan continues to advance Hyperliquid's token buyback expenditure has reached $644.6 million so far in 2025, ranking first among all projects. A total of approximately 21.36 million HYPE tokens have been repurchased, accounting for 2.1% of the total supply. This large-scale buyback plan helps to reduce market circulation, providing long-term support for the HYPE price.

3️⃣ Platform upgrade attracts user attention Hyperliquid recently completed the HIP-3 upgrade, enabling the creation of permissionless perpetual contract markets. Developers can launch permissionless perpetual contract DEX on HyperCore by staking 500,000 HYPE tokens. This innovation may attract more developers and users, potentially increasing the demand and use cases for HYPE.

From a technical perspective, the HYPE price has shown a rising trend in the past 24 hours but has not yet broken through the previous high. Investors should pay attention to the resistance level around $39-40 and the support level around $33-34. On the fundamental side, large-scale fundraising plans, ongoing token buybacks, and platform upgrades provide multiple positive factors for HYPE.

This message does not constitute investment advice, and investors should be aware of market volatility risks.