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Hyperliquid's HYPE Token hits a new peak thanks to the surge in OI
The HYPE Token of Hyperliquid reached a new all-time high of 37.24 USD on May 23, increasing by more than 14.5% in 24 hours, marking an impressive increase of 94% over the past month and 868.7% since the end of last year.
The explosion came after Hyperliquid Labs submitted two proposals to the U.S. Commodity Futures Trading Commission (CFTC), promoting a legal framework for DeFi and 24/7 derivatives trading.
The total open interest on the platform exceeds 9.37 billion USD, a historical high, with HYPE contracts reaching 747 million USD, ranking just behind Bitcoin and Ethereum.
However, the upward trend also forced a whale to short HYPE with a 5x leverage to cut losses of 23.5 million USD, according to Spot On Chain.