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$HYPE, the token of the decentralized blockchain and cryptocurrency exchange Hyperliquid, has been going against the wider digital assets grain in the last week of trading with a remarkable 49.62% rally to $58.47 – inches away from a new all-time high (ATH).
The move simultaneously added nearly $5 billion to $HYPE token’s market capitalization, which rose from $9.9 billion to $14.6 billion. Furthermore, Hyperliquid overtook Solana ($SOL) in terms of fully diluted valuation (FDV), hitting $54.57 billion against $SOL’s $54.22 billion, per the data Arkham shared on X on May 21.
FDV represents the theoretical maximum market capitalization if all the possible tokens were in circulation.
Meanwhile, the overall cryptocurrency market moved lower within the timeframe, erasing $130 billion as the total digital assets’ capitalization dropped from $2.68 trillion to $2.55 trillion.
How SpaceX IPO turned into Hyperliquid news that sent $HYPE flying
Elsewhere, by press time on May 21, it appears that Hyperliquid news that enabled the latest $HYPE token rally was related to the highly anticipated SpaceX initial public offering (IPO).
Specifically, Trade.xyz launched pre-IPO perpetual futures (perps) for billionaire Elon Musk’s other most prominent company on May 18.
The new Hyperliquid perps sent $HYPE soaring approximately 7% immediately, showcasing overwhelming hype for the company expected to go public at a valuation higher than $1.5 trillion, indicating it could be as large as Tesla (NASDAQ: TSLA) and in the global top 10 from day one.
Notably, the SpaceX pre-IPO Hyperliquid perps launched at a reference price of $150 for an implied total valuation of just under $1.8 trillion and are, at press time, at $207 with a 24-hour volume of $29.4 million.
Why Anthropic and OpenAI Hyperliquid perps could give the $5 billion rise its second wind
Other Hyperliquid news from May 18 that likely contributed to the token’s explosive one-week rally includes pre-IPO perpetual futures for artificial intelligence (AI) firms OpenAI and Anthropic.
Additionally, while the $HYPE perps associated with the two AI companies have, so far, enjoyed significantly less volume than SpaceX, the situation could shift rapidly.
Indeed, while various comments made primarily by the firms’ chief financial officers (CFOs) made actual public offerings appear relatively distant, CNBC reported on May 20 that OpenAI might confidentially file for IPO already on Friday, May 22.
Given the recent developments, the pre-IPO AI Hyperliquid perps could prove sufficient bullish news to enable the $HYPE token to resume its explosive, near-50% rally through the rest of the month at least.
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