What could affect the price of HYPE?
Hyperliquid’s price is balancing between positive developments and market uncertainties.
- USDH Stablecoin Governance Vote (Mixed Impact) – On September 14, validators will decide who issues the USDH stablecoin. Ethena and Paxos have different proposals involving revenue sharing and buybacks.
- Circle’s USDC Integration (Bullish) – Circle is testing native USDC on Hyperliquid’s platform, and a recent $4.6 million purchase of HYPE tokens signals growing institutional interest.
- Altseason Momentum (Bullish) – Altcoins are gaining strength, with altcoin dominance at its highest since 2025, which benefits HYPE as a leader in decentralized finance (DeFi).
Deep Dive
1. USDH Stablecoin Governance Vote (Mixed Impact)
Overview:
On September 14, Hyperliquid’s community will vote to choose the issuer of its stablecoin, USDH. Ethena offers a deal with 95% revenue sharing and $150 million in incentives. Paxos proposes using 95% of USDH interest to buy back HYPE tokens. The decision will affect how HYPE is used and its demand.
What this means:
If Ethena’s proposal passes, HYPE holders could see steady revenue streams. Paxos’ plan would reduce the number of HYPE tokens in circulation, potentially increasing their value. However, any delays or disagreements could cause price swings.
2. Circle’s USDC Integration (Bullish)
Overview:
Circle, the company behind the USDC stablecoin, is testing native USDC on Hyperliquid’s HyperEVM platform. A wallet connected to Circle recently bought 80,000 HYPE tokens, worth about $4.6 million. This follows Circle CEO Jeremy Allaire’s promise to make USDC “hyper fast” on Hyperliquid.
What this means:
Adding native USDC could increase liquidity and trading activity on Hyperliquid, which historically supports HYPE’s price. Circle’s purchase of HYPE tokens shows confidence in Hyperliquid’s growing role in institutional decentralized finance.
3. Altseason Momentum (Bullish)
Overview:
The Altcoin Season Index reached 72 out of 100 on September 11, its highest level since December 2024. HYPE’s price rose 15% this month, outperforming Bitcoin’s 3% gain, as traders shift toward higher-risk altcoins.
What this means:
HYPE is the top platform for DeFi perpetual contracts, holding 70% of the market share. This strong position allows it to benefit from the current altcoin rally. Still, if investors become more cautious, HYPE’s price could face downward pressure.
Conclusion
Hyperliquid’s price will depend on the USDH vote results, progress with Circle’s USDC integration, and the overall strength of the altcoin market. A positive vote for Ethena or Paxos could push HYPE toward $60, while setbacks or market pullbacks might bring it down to $45.
Will validators choose revenue sharing or supply reduction in the USDH vote?
What are people saying about HYPE?
Hyperliquid's HYPE token is showing a mix of positive technical signs and some caution from investors, with large traders (whales) betting on both upward and downward moves. Here’s the latest:
- Optimists expect a breakout above $70 after HYPE surpasses key resistance levels
- Buybacks funded by fees are driving confidence, with $1.8 million in daily average purchases
- Warnings about crowded trades are appearing despite excitement around PayPal and Venmo integration
In-Depth Look
1. @cryptonary: Technical outlook points up (Bullish)
"HYPE broke through $49 resistance and could reach $70–$80 by the end of the year if support holds at $52–$53. The RSI indicator confirms strong momentum."
– @cryptonary (187K followers · 2.1M impressions · 2025-09-13 21:06 UTC)
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What this means: Breaking out of the $40s range has sparked interest from institutional investors. Technical analysis suggests a potential gain of over 30% if the price stays steady near $54.
2. @0xMojojo: Fee-funded buybacks show strong demand (Bullish)
"There’s $1.8 million in daily buy pressure on HYPE through time-weighted average price (TWAP) orders. With $5.5 billion in monthly trading volume, annualized buybacks reach 8.4%."
– @0xMojojo (42K followers · 680K impressions · 2025-09-12 13:22 UTC)
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What this means: Hyperliquid uses 97% of its fees to buy back HYPE tokens, creating steady demand. At current prices around $54, this results in $1.8 million in daily buy pressure (LeveX).
3. @DU09BTC: Risks of overcrowded trades (Bearish)
"When everyone jumps on $HYPE, it often signals a market top. I was early, but now too many traders are piling in."
– @DU09BTC (31K followers · 490K impressions · 2025-09-13 16:44 UTC)
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What this means: Some traders warn that the hype around HYPE could lead to a sell-off, especially since the token has gained 1595% year-to-date (CoinMarketCap), increasing the chance of profit-taking.
Conclusion
Overall, the outlook for HYPE is cautiously optimistic. Strong fundamentals like $5.5 billion in monthly trading volume support the token, but social media excitement may be overheating. The $52–$53 price level is key—if it falls below this, it could trigger forced selling from large short positions totaling over $2 million from July (CoinGlass). Holding above this level keeps the path open for new highs. The big question remains: will the fee-funded buybacks be enough to sustain growth through market ups and downs?
What is the latest news about HYPE?
Hyperliquid is entering a crucial week with important stablecoin proposals and moves by big financial players. Here’s a quick update:
- Circle Expands USDC Integration (September 13, 2025) – Circle is testing native USDC on Hyperliquid’s main network, which could bring more liquidity.
- Ethena’s USDH Stablecoin Proposal (September 11, 2025) – Ethena offers $150 million in incentives and backing from BlackRock for its USDH stablecoin.
- Governance Vote on USDH Launch (September 14, 2025) – Hyperliquid validators will decide on the stablecoin issuer, with $5.5 billion in liquidity at stake.
Deep Dive
1. Circle Expands USDC Integration (September 13, 2025)
What’s happening:
Circle is testing native USDC transfers on Hyperliquid’s HyperEVM mainnet. They also bought $4.6 million worth of HYPE tokens, signaling a move toward full integration. Circle’s CEO, Jeremy Allaire, has promised to make USDC “hyper fast” within Hyperliquid’s system. Currently, USDC accounts for 95.6% of Hyperliquid’s $6.1 billion daily stablecoin trading volume.
Why it matters:
This is good news for HYPE holders because native USDC could attract more institutional traders and strengthen Hyperliquid’s role as a decentralized finance (DeFi) liquidity hub. Circle’s involvement adds trust, but the real test will be how many users adopt it after launch. (Gate.io)
2. Ethena’s USDH Stablecoin Proposal (September 11, 2025)
What’s happening:
Ethena Labs wants to issue the USDH stablecoin on Hyperliquid. Their plan includes backing USDH with BlackRock’s BUIDL tokenized fund and offering 95% of the revenue to HYPE token holders. They’re also proposing $150 million in incentives and covering migration costs. This puts them in competition with other stablecoin issuers like Paxos and Frax.
Why it matters:
Ethena’s strong institutional support and large incentives make this a serious proposal. If approved, USDH could become the main stablecoin supporting liquidity on Hyperliquid. However, because it relies on centralized collateral from BlackRock, it might raise concerns about how decentralized the system really is. (Bitrue)
3. Governance Vote on USDH Launch (September 14, 2025)
What’s happening:
Hyperliquid’s validators are voting on whether to adopt USDH as the platform’s native stablecoin. Current odds from Polymarket show strong support for Native Markets at 96.8%, compared to Paxos at 1.8% and Ethena under 1%. If approved, $5.5 billion in liquidity could shift from USDC to USDH, potentially generating $220 million in annual revenue for HYPE holders.
Why it matters:
This vote is a key moment for Hyperliquid’s future. Launching USDH would reduce reliance on USDC and reward those who stake HYPE tokens. However, quick adoption is crucial to prevent liquidity from splitting across different stablecoins. (Millionero)
Conclusion
Hyperliquid is growing through strategic partnerships like Circle’s, high-stakes stablecoin proposals from Ethena, and important governance decisions. With the current momentum in alternative cryptocurrencies and HYPE’s price up 22% over the past 90 days to $54.27, the platform’s success will depend on balancing big institutional involvement with decentralization. The launch of USDH could be the next big step for Hyperliquid—or fragmented liquidity might weaken its advantage.
What is expected in the development of HYPE?
Hyperliquid is moving forward with several key developments:
- USDH Stablecoin Launch (September 14, 2025) – Validators are voting on proposals from Ethena and Paxos to introduce a native stablecoin.
- Native USDC Integration (Q4 2025) – Circle plans to support instant cross-chain USDC transfers on HyperEVM.
- CoreWriter Release (Q4 2025) – This will allow HyperEVM apps to communicate directly with HyperCore, Hyperliquid’s fast trading engine.
- HIP-3 Permissionless Markets (2026) – A proposal to let the community list new perpetual markets by staking HYPE tokens.
In-Depth Look
1. USDH Stablecoin Launch (September 14, 2025)
What’s Happening?
Hyperliquid validators are deciding whether to approve USDH, a new stablecoin designed to be fully compliant with regulations. Ethena Labs offers $150 million in incentives and plans to use 95% of revenue to buy back HYPE tokens. Paxos proposes a similar compliant stablecoin with 95% of yield redirected to HYPE holders (Ethena Proposal, Paxos Proposal).
Why It Matters
If approved, USDH could bring in over $5.5 billion in liquidity and generate about $220 million in yearly revenue for HYPE holders. It would also reduce Hyperliquid’s dependence on USDC. However, there are risks like regulatory challenges and potential disagreements among validators.
2. Native USDC Integration (Q4 2025)
What’s Happening?
Circle is testing native USDC on Hyperliquid’s HyperEVM mainnet to enable smooth cross-chain transfers. Recently, a Circle-associated wallet bought $4.6 million worth of HYPE tokens, showing strong support (Circle Integration).
Why It Matters
This integration could boost institutional use and improve liquidity for trading derivatives. Since over 95% of Hyperliquid’s $6.1 billion daily stablecoin volume is USDC, native support will likely reduce trading costs and attract larger traders, including those from centralized exchanges (CEX).
3. CoreWriter Release (Q4 2025)
What’s Happening?
CoreWriter will let apps built on HyperEVM directly interact with HyperCore, Hyperliquid’s high-speed trading layer. This upgrade aims to make decentralized apps (dApps) more flexible and faster (Tech Upgrade).
Why It Matters
This is a positive step for developers, though its impact depends on how widely it’s adopted. If successful, it could attract more DeFi projects to Hyperliquid, which currently holds 70% of the perpetual decentralized exchange (DEX) market and can handle 20,000 transactions per second.
4. HIP-3 Permissionless Markets (2026)
What’s Happening?
HIP-3 is a proposal to allow users to create new perpetual markets by staking HYPE tokens, removing the need for centralized approval. This could expand the number of assets available on Hyperliquid beyond the current 100+ listings (HIP-3 Proposal).
Why It Matters
This change would make market creation more democratic and could increase fee revenue. However, there’s a risk that poorly backed assets might hurt liquidity or cause a chain reaction of liquidations.
Conclusion
Hyperliquid’s roadmap aims to strengthen its ecosystem with USDH and USDC, improve its technology with CoreWriter, and decentralize governance through HIP-3. The vote on USDH is especially important—it could establish Hyperliquid as a hybrid between decentralized finance (DeFi) and centralized exchanges (CEX). With a monthly trading volume of $410 billion and dominance in perpetual DEXs, the big question is whether Hyperliquid can keep growing amid competition from platforms like MYX Finance.
What updates are there in the HYPE code base?
Hyperliquid is making important updates to improve how its platform works across different blockchains, enhance user experience, and boost its technical infrastructure.
- Native USDC Integration (August 2025) – Easier and safer transfers of USDC stablecoins across multiple blockchains using Circle’s Cross-Chain Transfer Protocol (CCTP) v2.
- Rabby Wallet Integration (September 4, 2025) – Users can now trade perpetual contracts directly within the Rabby Wallet app.
- Based Cloud Deployment (September 4, 2025) – Launch of a new decentralized cloud service for faster and more reliable hosting of decentralized apps (dApps).
Deep Dive
1. Native USDC Integration (August 2025)
What happened: Hyperliquid now supports USDC stablecoins natively through Circle’s CCTP v2. This means users can move USDC between Ethereum, Avalanche, and HyperEVM blockchains without using wrapped tokens or third-party bridges.
This update reduces transaction costs and risks by avoiding extra steps and middlemen. It required changes to Hyperliquid’s smart contracts and data systems to handle the new transfer method.
Why it matters: This makes trading with USDC simpler and safer, which should attract more users and increase liquidity on the platform. (Source)
2. Rabby Wallet Integration (September 4, 2025)
What happened: Hyperliquid’s trading features were integrated into Rabby Wallet, a popular crypto wallet with over 1 million users. Now, users can trade perpetual contracts directly from Rabby’s interface.
The integration connects Hyperliquid’s order books and margin data with Rabby’s app, and optimizes transaction fees for cross-layer blockchain operations.
Why it matters: While this may not immediately boost Hyperliquid’s token (HYPE) value, it makes the platform more accessible to a large user base, which could lead to more trading activity over time.
3. Based Cloud Deployment (September 4, 2025)
What happened: Hyperliquid launched Based Cloud, a decentralized hosting service designed to provide fast, low-latency access to market data from HyperCore’s order books.
Based Cloud uses a customized version of IPFS (a decentralized file system) combined with HyperBFT consensus technology to speed up data delivery. Early users include trading bots and analytics tools that need real-time market information.
Why it matters: This strengthens Hyperliquid’s developer ecosystem by offering better infrastructure, encouraging more projects to build on its platform.
Conclusion
Hyperliquid is focusing on making cross-chain transactions smoother (with USDC integration), improving user experience (via Rabby Wallet), and enhancing developer tools (with Based Cloud). These upgrades aim to position Hyperliquid strongly in the decentralized finance (DeFi) derivatives market. It will be interesting to see how these improvements affect its competition with centralized exchanges like Binance in late 2025.
Why did the price of HYPE fall?
Hyperliquid (HYPE) dropped slightly by 0.59% to $54.09 in the last 24 hours, despite a strong 14.97% gain over the past week. Here’s why:
- Traders took profits after a 15% weekly rally and hitting key resistance levels.
- Large holders, or “whales,” sold some of their HYPE tokens.
- Uncertainty ahead of today’s vote on adopting the USDH stablecoin.
In-Depth Analysis
1. Profit-Taking and Technical Resistance (Neutral Impact)
What happened:
HYPE’s price rose 15% last week but ran into resistance near $53.35, a key technical level based on Fibonacci retracement—a tool traders use to predict price pullbacks. The Relative Strength Index (RSI), which measures if an asset is overbought or oversold, was at 67.24, suggesting HYPE was overbought and due for a pause.
Why it matters:
When prices get stretched, traders often sell to lock in gains, causing a short-term pullback. Trading volume dropped 24.4% to $265 million, meaning fewer buyers and sellers, which can lead to bigger price swings. Historically, HYPE tends to pull back 5–15% after hitting these resistance points.
What to watch:
If HYPE breaks above $53.35 and holds, it could continue climbing. But if it falls below $52 (the 50-day moving average), a deeper correction might follow.
2. Whale Activity and Supply Dynamics (Bearish Impact)
What happened:
A large investor sold $3.8 million worth of HYPE on September 12, part of a bigger $50.5 million stake they bought at $7.52 per token (source).
Why it matters:
Big holders often sell when prices peak, putting downward pressure on the market. Since only 33.4% of HYPE’s total supply is currently circulating, large sales can significantly impact the price. Similar whale selling in May 2025 caused a 7.2% price drop (source).
What to watch:
Keep an eye on blockchain data for more large sales or increased staking activity, such as adoption of $beHYPE liquid staking.
3. Stablecoin Proposal Uncertainty (Mixed Impact)
What happened:
Hyperliquid’s validators are voting today (September 14) on whether to adopt Ethena’s USDH stablecoin. If approved, 95% of USDH’s revenue would be shared with HYPE holders through buybacks.
Why it matters:
This could increase demand for HYPE over time. However, governance votes often bring short-term volatility as traders react to the news. There are competing proposals from Paxos and Frax, but Ethena is currently favored with a 96.8% chance of winning according to Polymarket (source).
What to watch:
The vote result and how quickly buybacks start after approval.
Conclusion
HYPE’s recent dip is a normal part of market cycles—profit-taking after a strong rally, big holders adjusting their positions, and cautious trading ahead of an important vote. The overall altcoin market sentiment is neutral (CMC Fear & Greed Index: 52), which means momentum is limited right now.
Key points to watch:
- The validator vote on USDH adoption.
- Whether HYPE can hold support around $52.
Will the stablecoin integration spark a new rally, or will whales keep selling? Time will tell.