Hyperliquid Sets New High With $1.2B Token Unlock Days Away

Hyperliquid's HYPE token surged to a record high of $83.27 on Sunday, edging closer to a $1.2 billion token unlock set for Aug. 29. The record high has since pulled back to around $77.50, with the token's market cap nearing $19.5 billion. The upcoming unlock will release 14.18 million HYPE, accounting for 1.4% of total supply and 2.7% of the token's market value.

Nearly half of the supply will be allocated to insiders, with the rest distributed to the community and Hyper Foundation. The insider allocation is estimated at around $560 million. Despite mixed reactions from previous token unlocks, HYPE has shown resilience, following a monthly unlock schedule since its November 2024 launch. The exchange's prospects were further bolstered by Coinbase integrating Hyperliquid's infrastructure and a potential CFTC approval in the U.S.