Hyperliquid token hits record high ahead of $1.2B token unlock.
Ecosystem ·
Hyperliquid's native token HYPE reached an all-time high of $83.27 before settling around $77.50, with a market capitalization near $19.5 billion. The rally arrives as a scheduled token unlock set for August 29 will release 14,175,778 HYPE tokens, valued at approximately $1.2 billion at current prices. This release represents 1.4% of total supply and 2.7% of the token's market cap, with nearly 47% of the unlocked tokens directed to insiders—early investors who purchased at lower valuations.
Token supply events typically create pressure when recipients sell into the market, though historical outcomes are mixed. Following three prior monthly unlocks since November 2024, HYPE declined 7% in one instance, rose 1% in another, and fell 14.1% in a third. Insider-directed releases warrant particular attention from traders given these holders' incentive to realize gains. Approximately $560 million in insider-facing supply will enter circulation with this unlock, followed by an equivalent release on September 29.
Recent developments may support the price momentum. Coinbase integrated 50x perpetual futures on its Base application through Hyperliquid's infrastructure this month, while political support emerged when President Trump referenced the platform in discussions about potential U.S. regulatory pathways. The decentralized exchange currently remains geofenced outside American markets.