Overview
- HYPE climbed into the low–mid $30s with intraday gains around 10–13% after Hayes published a valuation model targeting $150 by August 2026.
- Hayes’ base case assumes 30‑day annualized revenue rebounds to roughly $1.4 billion, a level reported at the protocol’s prior peak in 2025.
- Roughly 97% of protocol revenue is directed to HYPE buybacks, a policy Hayes says directly links trading fees to token demand.
- Permissionless HIP‑3 listings have gained traction, with Hayes reporting they now contribute close to 10% of Hyperliquid’s revenues.
- Reports highlight a surge in trading activity, including an oil perpetual that topped $1.2 billion in 24‑hour volume, as well as ADV/OI metrics used to argue Hyperliquid’s volumes are comparatively more “real.”