Newton Gitonga
Bears dominate the cryptocurrency market on Friday as liquidations plunge Bitcoin below $80K.
The leading crypto by value trades at $79,689 during this publication.
Despite prevailing uncertainty, Hyperliquid demonstrated rapid growth over the past week.
The decentralized exchange outshines Solana (SOL) in weekly fees, signaling trend shifts.
🚀 Hyperliquid surpasses Solana in weekly fees at $12.61M! Will #HYPE price surge? 📈 Traders flock to its efficient DeFi-native features, with whales remaining bullish 🐋 $HYPE price currently at $20.194, watch out for further bearish momentum below $19.50 #CryptoNews #DeFi
How will these trends impact HYPE and its price movements in the coming times?
Hyperliquid beats Solana in fees
According to DeFiLlama data, Hyperliquid generated $13.02 million in fees over the past week, surpassing Solana’s $10.83 million.
The data has sparked discussions within the crypto space due to Hyperliquid’s market dominance compared to Solana.
Solana boasts a TVL of $7 billion at press time, eclipsing HYPE’s $664 million (DeFillama data).
Meanwhile, continued growth in the past months contributed to the shift.
Hyperliquid’s total value locked soared 55% since January and nearly300% since December 2024.
The unpredictable shift has triggered discussions about native HYPE’s growth and price performance.
Surged fees generally mean more increased participation on the platform.
Such trends can magnify demand for HYPE, translating to stable uptrends.
What’s driving the demand?
Hyperliquid has dominated crypto trends in the past few months with its DeFi-native features that enhance the trading experience.
The platform offers users zero gas charges, an on-chain order book, and incredible leverage (up to 50X).
The focus on trading efficiency has distinguished Hyperliquid from Solana.
The SOL blockchain supports multiple Dapps but is not (specifically) intended for decentralized finance (DeFi).
Furthermore, Hyperliquid prioritizes improved user experience, low-latency transfers, top performance, and deep liquidity.
However, most traditional decentralized exchanges struggle with high slippage and lagging transactions.
Hyperliquid has attracted multiple traders due to its CEX-like offerings.
Meanwhile, the shifting trend (outperforming Solana in fees) confirms a notable uptick in user engagement and trading activity.
Solana has dominated the blockchain sector with low fees and speedy transactions.
However, incidents like scam activities within the SOL ecosystem have dented the platform.
Dwindling interest in meme tokens has dampened interest in Solana, triggering notable user exodus.
HYPE price outlook
HYPE trades at $18.55 after losing 10% in the past 24 hours.
Its structure demonstrates weakness and more pain.
Nevertheless, the altcoin mirrors prevailing uncertainty in crypto and the global financial landscape.
The increased fees indicate intensified platform usage.
The demand will likely flow into HYPE, boosting the alt’s momentum.
That native coin serves various purposes within the Hyperliquid ecosystem, including governance, trading fees, and liquidity rewards.
HYPE might benefit from surged use cases and investor interest with increased user activity.
Meanwhile, broad market tendencies will influence HYPE’s near-term trajectory.
The altcoin will potentially plummet further before decisive buyer resurgences.
Analyst Ali Martinez highlighted the chances of HYPE plummeting towards $13 – a 30% dip from current prices of $18.55.
#Hyperliquid $HYPE is breaking out, potentially setting up a move toward $13!
However, outperforming Solana in daily fees confirms Hyperliquid’s rising dominance in the DeFi space. Such trends will likely bolster HYPE’s price movements and growth.
Will HYPE lead the upcoming selective altcoin season?
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