Hyperliquid Rally Heats Up as HYPE Moves Within $12 of ATH

TLDR

Table of Contents

HYPE gained 24% in six days and moved within $12 of its record price level.
Santiment reported higher social dominance as traders reacted to regulatory and market support news items.
Coinbase and Circle strengthened USDC support, which helped liquidity on Hyperliquid trading markets this week.
Bitwise said BHYP fees will support HYPE holdings, linking fund activity with token demand growth.
SPCX brought synthetic SpaceX exposure to Hyperliquid and added market demand for its trading rails.

Hyperliquid price moved closer to its record high after HYPE gained about 24% in six days. The move drew attention as traders tracked U.S. policy news, USDC support, and new synthetic markets. The main angle remains clear: Hyperliquid price nears ATH as HYPE rallies 24% in 6 days.

HYPE Rally Moves Near Record High

Santiment said HYPE rose from $38.32 on May 13 to about $47.65. That marked a gain of nearly 24% in six days. The firm said the token traded within $12 of its all-time high. The advance kept HYPE among the closely watched crypto movers that week.

The price move came as market talk grew across social channels. Santiment said HYPE social dominance reached 1.79% on May 14. It said that level was about five to ten times above its usual range. That spike showed more crypto users were discussing HYPE during the rally.

$HYPE is up ~24% in 6 days, trading at $47.65 — within $12 of its all-time high (Santiment MCP + Claude):
📈 Price: $38.32 (May 13 low) → $47.65 (now), +24% in 6 days.
📊 Social dominance hit 1.79% on May 14, 5-10x baseline, and stayed elevated through a second wave on May 17… pic.twitter.com/nbbx1DmZ3w
— Santiment Intelligence (@SantimentData) May 19, 2026

A second rise in social activity followed on May 17. Santiment said social dominance held between 1.07% and 1.28%. The figures showed that HYPE stayed visible while its price held near $48. The second wave kept attention elevated after the first social spike eased.

TradingView data showed HYPE/USDT near $48.10 on KuCoin. RSI stood near 64.91, below overbought levels. MACD also stayed positive, as buying pressure remained present. The chart data pointed to firm demand, although momentum had not reached extreme levels.

Bitwise ETF and SPCX Market Add New Demand

Bitwise added another driver through its Hyperliquid exchange-traded fund. The fund trades under the ticker BHYP on NYSE. It began trading on May 15, according to the supplied details. The product added a public-market route for investors watching Hyperliquid.

Bitwise said it would use 10% of management fees to hold HYPE. The firm said, “We’re holding HYPE.” The fund carries a 0.34% sponsor fee. The fee is waived during the first month on the first $500 million.

LATEST: 📈 Hyperliquid's HYPE token rose about 5% as its pre-IPO perpetual futures marketplace surpasses $120 billion in total volume ahead of the SpaceX, Anthropic, and OpenAI listings. pic.twitter.com/gNo97xrrOC
— CoinMarketCap (@CoinMarketCap) May 18, 2026

Matt Hougan, Bitwise chief investment officer, also linked activity with token demand. He said, “Hyperliquid’s token is explicitly designed so that rising trading activity on the Hyperliquid platform directly benefits token holders.” Hyperliquid uses about 99% of blockchain revenue to buy and burn HYPE. That model remains central to Hyperliquid’s token structure.

Santiment also cited Trade.xyz’s launch of SPCX as a fresh driver. SPCX is a synthetic SpaceX pre-IPO perpetual market. The market implied a $1.78 trillion SpaceX valuation, based on Santiment’s post. HYPE rose about 7% after the SPCX launch, Santiment said.

CLARITY Act and USDC Support Draw Attention

Santiment linked the rally to several market drivers during the same period. It cited the CLARITY Act passing on May 14. The bill added a policy factor to the wider HYPE price move. The news arrived as traders watched Washington for clearer market rules.

Traders often watch U.S. crypto market structure bills closely. Clearer rules can shape exchange activity and liquidity. They can also affect how investors view risk in digital asset markets. For HYPE, the policy news came as price action already looked strong.

Hyperliquid also gained attention from stronger USDC support. Coinbase became Hyperliquid’s official USDC treasury deployer. Circle also expanded its role in USDC infrastructure for the network. The update placed USDC deeper inside Hyperliquid’s trading setup.

USDC remains a core collateral and quote asset on Hyperliquid. Stronger support can make trading easier for users. It can also help markets operate with deeper liquidity. That role matters because many traders use stablecoins to enter and exit positions.