Robinhood Crypto announced on Thursday the listing of the decentralized perpetual exchange Hyperliquid's native token, HYPE. This development marks a significant achievement for Hyperliquid, as its token was listed on Robinhood before major exchanges like Binance and Coinbase, despite substantial demand.
Robinhood Announces Listing of Hyperliquid (HYPE)
In an official X post on October 23, the commission-free trading platform Robinhood Markets revealed that Hyperliquid (HYPE) would be available for trading on the Robinhood app for customers in the United States. The listing of HYPE on Robinhood is expected to broaden its reach beyond decentralized exchanges, especially amidst increasing interest from large investors and high-leverage traders.
Users will have the ability to buy, sell, and hold HYPE directly on the Robinhood platform. This accessibility could potentially lead to a short-term surge in trading volume and enhance the token's liquidity, which is particularly important given recent price fluctuations in the market.
Historically, Robinhood listings have been associated with significant spikes in a token's trading volume. This trend was observed following the listings of Curve DAO Token (CRV) and Binance Coin (BNB), as previously reported.
HYPE Price Jumps Over 12% Following Announcement
In immediate response to the listing announcement, the price of HYPE experienced a jump of over 12%. The token has seen a remarkable rally of more than 1000% over the past year, and at the time of reporting, it was trading at $40.81.
The 24-hour trading range for HYPE was between $34.87 and $40.33. Furthermore, trading volume saw an increase of 18% in the preceding hours, indicating substantial interest from traders.
The market capitalization for HYPE surpassed $13.50 billion again today, following the significant jump in the last 24 hours.
On-chain analytics platform Lookonchain reported that a prominent whale, identified as 0x082e, has been aggressively accumulating HYPE long positions. This whale now holds 1,017,818 HYPE tokens, valued at $39.68 million, in long positions.
On the daily chart, the HYPE price was trading below the 50-day Simple Moving Average (SMA), which is positioned at $46.32. A sustained rally would likely require the price to move above this level.
The Hyperliquid token has successfully broken above the 200-day SMA amidst the recent price surge. Concurrently, the Relative Strength Index (RSI) has risen to 46, suggesting potential for further upward movement.
Data from CoinGlass indicates a significant increase in buying activity within the derivatives market. At the time of writing, the total HYPE futures open interest had climbed by nearly 17% to $1.62 billion in the last 24 hours.
Specifically, 4-hour HYPE futures open interest on Binance, OKX, and Bybit increased by over 2.5%, 3%, and 1%, respectively. This trend points to a bullish sentiment among derivatives traders, although caution is advised due to potential for sudden market swings.
Hyperliquid Flips BNB Chain in Fee Generation
In the past 24 hours, Hyperliquid has once again surpassed BNB Chain in terms of fee generation and revenue. The network generated $2.4 million in fees, exceeding BNB Chain's $1.6 million.
Hyperliquid has also reclaimed its position as the leading chain for 24-hour perpetual volume. Additionally, it continues to lead in open interest, with over $6.90 billion.
The process for spot deployment on Hyperliquid is permissionless, allowing any eligible user to deploy a spot asset by paying a gas fee in HYPE. Deployers also have the option to receive up to 50% of the trading fees generated from their listed spot pairs.