Hyperliquid's HYPE token set a new all-time high on May 21, touching $62 before falling about 4% to roughly $59.50 by press time, CoinGecko data shows.
HYPE rose about 17% on the day, pushing its market capitalization to roughly $14.2 billion. Over the past 30 days, the token has gained more than 50%, putting it close to the top three best-performing tokens among the 100 largest cryptocurrencies by market cap, behind Kinetiq Staked Hype, Ondo and Zcash.
The latest rally also put HYPE closer to Solana's SOL on a per-token price basis. Per data from CoinGecko, SOL is trading around $86.20, about 45% higher than HYPE.
The gap is also much wider by market value, with Solana's market capitalization near $50 billion, about 3.5 times larger than Hyperliquid's.
- The rally comes despite growing pressure in Washington. ICE and CME Group, two of the world's largest exchange operators, are reportedly urging U.S. officials to bring Hyperliquid under closer oversight after oil-linked trading on the platform surged during the Iran conflict.
- The concern is that Hyperliquid, being a decentralized crypto exchange, has expanded into oil and other traditional markets without the same customer checks and exchange rules that apply to regulated U.S. venues.