HYPE (Hyperliquid) rose 3.02% in the last 24 hours.

Gate News Bot news, September 11, according to CoinMarketCap, as of the time of writing, HYPE (Hyperliquid) is currently priced at $55.80, with a rise of 3.02% in the last 24 hours, reaching a high of $56.14 and a low of $44.45. The 24-hour volume has reached $449 million. The current market capitalization is approximately $18.632 billion, with an increase of $546 million compared to yesterday.

Hyperliquid is a blockchain platform designed to accommodate all financial operations. Its flagship application is a decentralized exchange featuring low fees, zero gas fees, up to 40x leverage, and a fully on-chain order book. Hyperliquid L1 has a block time of 0.07 seconds and a maximum TPS of 200,000, currently boasting 675,500 users.

Important news about HYPE recently:

1️⃣ Competition for USDH Stablecoin Issuance Rights Heats Up Several well-known institutions, including Paxos, Sky (formerly MakerDAO), Frax Finance, and Agora, have joined the competition for the issuance rights of the USDH stablecoin under Hyperliquid. Various proposals have been put forward, such as Paxos promising to allocate 95% of interest income for HYPE token buybacks, and Sky proposing to support the Hyperliquid ecosystem with over $8 billion in assets on its balance sheet. The validator voting will begin on September 14, which may become a focal event of short-term market attention.

2️⃣ Institutions continue to increase their HYPE holdings Multiple large institutions and whale addresses have recently bought a significant amount of HYPE. For example, a certain institutional investor deposited 4.01 million USDC into Hyperliquid and purchased 63,197 HYPE at an average price of $47.41. Additionally, several whale addresses bought over $17 million worth of HYPE within 17 hours. This indicates that institutions maintain an optimistic attitude towards HYPE, which may drive a short-term price rise.

3️⃣ Lion Group announces asset swap for HYPE Lion Group, a Nasdaq-listed company, announced plans to exchange all of its Solana (SOL) and Sui (SUI) assets for Hyperliquid (HYPE). This decision aims to optimize the company's cryptocurrency portfolio and demonstrates institutional confidence in the Hyperliquid ecosystem.

HYPE has recently shown a rise trend, mainly benefiting from the continuous buying by institutional investors, the attention brought by the competition for USDH stablecoin issuance rights, and the continuous improvement of the ecosystem. However, investors still need to pay attention to the volatility risks of the overall cryptocurrency market, especially the potential short-term price fluctuations that may come from the upcoming USDH issuance rights voting.

This message is not to be taken as investment advice; investors should be aware of market volatility risks.