HYPE Crosses $50 for First Time Since September
Hyperliquids $HYPE token crossed $50 on Wednesday for the first time since September 2025, in part fueled by a high-profile call from Bitwises chief investment officer. Bitwise CIO Matt Hougan on Tuesday argued in a weekly memo that the market is undervaluing Hyperliquid. Hougan framed Hyperliquid as a fast-growing trading venue moving beyond crypto perps into commodities, Ss move above $50 looks like a combination of momentum and improving fundamentals, but unlike many narrative driven rallies in crypto, Hyperliquid actually has meaningful on chain activity underneath the price action,” said Jason Rindahl, CEO of Nebula DeFi, in an emailed comment Wednesday. Hyperliquid has been on a tear, gaining 32% in the past seven days, making it the best-performing large-cap crypto asset of 2026, according to CoinGecko. SpaceX Pre-IPO Trading The rally is also fueled by Trade.xyz, a decentralized perpetuals platform built on Hyperliquids HIP-3 framework, which on Monday launched a synthetic pre-IPO perpetuals contract tracking SpaceXs implied valuation. The SPCX-$USDC contract opened at a $150 reference price implying a $1.78 trillion SpaceX valuation, spiked to $216 within hours, and settled around $202.89. The market recorded $33 million in 24-hour volume and $21.8 million in open interest on its first day. The Defiant reported on the