TechFlow News, May 30: According to HTX market data, HYPE surged past $67 this morning, hitting an all-time high before retreating to around $65.76. Over the past two weeks, HYPE has rallied more than 50%.
Currently, HYPE’s market capitalization stands at approximately $14.612 billion, ranking 11th on the cryptocurrency market cap leaderboard, while its fully diluted valuation (FDV) has risen to $62.751 billion.
Meanwhile, on-chain data shows that the largest short position in HYPE is currently underwater by over $35.6 million, whereas the largest long position is up by over $37.1 million—making them direct counterparties.
Market analysts attribute HYPE’s recent strength to several key catalysts, including the team’s actual token unlock volume falling short of prior expectations, the U.S. market’s progress in launching perpetual futures contracts for HYPE, and Grayscale’s preparations for a HYPE-related ETF product.
