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    HYPE Surges by 9% as BitMEX Co-founder Sets Target Price

    Ogooluwa AremuBy Updated:No Comments2 Mins Read
    HYPE Surges by 9% as BitMEX Co-founder Sets Target Price
    Hype

    HYPE Surges by 9% as BitMEX Co-founder Sets Target Price

    Hyperliquid (HYPE) price climbed by 9.21% to $39.29 over 24h, outpacing a broader market rally driven by a macro-induced risk-on move.

    A surge in hype aligned with a broad market rally, fueled by a US-Iran ceasefire announcement that eased inflation fears and sparked a short squeeze.

    Supporting the momentum, Arthur Hayes, the co-founder of BitMEX, publicly stated on X that Hyperliquid’s HYPE token is “the only thing we’re buying right now.”

    He reiterated his $150 price target for August 2026, citing Hyperliquid’s dominance as the highest-revenue decentralised perpetuals DEX and its aggressive buyback policy, which allocates 97% of platform fees to repurchasing HYPE.

    On Wednesday, traders saw a 86% surge in HYPE trading volume to $356.6 million, confirming strong participation and conviction behind the price move.

    The primary driver is a macro relief rally across the crypto market. Bitcoin surged 5.14% after US President Donald Trump announced a two-week suspension of military action against Iran, easing fears of disruptions to the Strait of Hormuz and of inflation.

    This triggered a classic short squeeze, with $670 million in BTC shorts liquidated in 32 hours, lifting correlated assets like HYPE.

    HYPE’s 24-hour trading volume jumped 86.03% to $356.6 million, significantly above its recent averages. This volume spike confirms the price move was backed by substantial capital flow, not a thin, illiquid pump.

    The rally saw strong participation, increasing the odds that the new price level will hold in the near term. The immediate trend hinges on the geopolitical trigger. HYPE broke out of its recent range but faces overhead resistance near the $40 psychological level.

    The momentum is bullish but event-dependent. A daily close above $40 on sustained volume could extend gains toward $42.

    The key risk is a breakdown of the US-Iran truce, which would likely reverse the risk-on flows. HYPE’s surge is a leveraged bet on improved macro sentiment, confirmed by heavy volume. The move is more about market-wide risk appetite than coin-specific developments. XRP Price Rises after Ripple’s CEO Bullish Remark, ETF Rally

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    Ogooluwa Aremu is a business journalist at MarketForces Africa covering Nigeria's energy sector, macroeconomic policy, African continental affairs, cryptocurrency markets, and foreign exchange developments.His reporting spans Nigeria's oil and gas regulatory landscape, including coverage of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigeria International Energy Summit, and the downstream deregulation reforms reshaping Nigeria's petroleum sector. He also reports general market, Nigeria's fiscal reforms, World Bank and IMF engagements with Nigeria, and President Tinubu's economic policy initiatives.Ogooluwa covers Africa-wide developments through MarketForces Africa's Inside Africa desk, reporting on the African Union summits, continental economic policy, and cross-border developments affecting investment and trade across Sub-Saharan Africa.His cryptocurrency and forex market coverage tracks major digital assets, including Bitcoin, Ethereum, and Ripple, alongside. Nigeria's interbank FX market movements. He has covered major stories, including the African Union's 39th Ordinary Session in Addis Ababa, Nigeria's N6 trillion fuel import savings from deregulation, and the World Bank's assessment of Nigeria's economic reform programme. Ogooluwa Aremu is based in Lagos, Nigeria.

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