Hyperliquid’s $HYPE token has climbed into the top 10 cryptocurrencies by market capitalization after rebounding from below $56 to around $60 by June 8. The recovery followed a volatile week in which Hyperliquid generated $2.2 million in fees over 24 hours, surpassing Solana, BNB Chain, Ethereum, and Bitcoin combined, and attracting $2.8 million in net buying activity. While BitMEX co-founder Arthur Hayes said he sold above $72 due to macroeconomic concerns, a wallet linked to him later withdrew more than 34,000 HYPE tokens from Bybit. Traders continue to monitor Hyperliquid’s buyback-and-burn mechanism, which allocates 97% of platform fees toward reducing token supply.
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