Hyperliquid, is a decentralized exchange and layer-one network receipt All-time highs across three key metrics: protocol revenue, open interest, and trading volume. These milestones coincide with increased volatility in the cryptocurrency market after US President Donald Trump and his wife launched their meme coins.
The Layer 1 network recorded a 24-hour trading volume of $21 billion, open interest of $4.7 billion, and $9.5 million in daily network revenue. Despite being launched in November 2024, Hyperliquid has quickly become one of the top-rated products Decentralized finance Protocols.
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DeFiLlama data shows that Hyperliquid generated revenue of $4.79 million as of January 20, 2025. Hence, it ranks among the top companies Income generating Protocols, such as Solana, Ethereum, and Tether.
Meme coins drive the growth of this first layer
There has been a spike in cryptocurrency market trading activity following the launch of the Official Trump (TRUMP) and “Official Melania” tokens. The Trump family launched these meme coins, which reached $1 billion in value within 48 hours.
According to CoinGecko data, Trump receipt US$70 billion at fully diluted valuation (FDV) before falling to its current valuation of US$41 billion after the market correction. Same data He appears Melania has an FDV of $5.62 billion.
Hyperliquid’s perpetual DEX allowed traders to speculate on these meme currencies using leveraged positions. Despite the significant increase in trading volume, no issues have been reported with the platform.
Despite being a newcomer compared to other established DeFi networks, the protocol has become popular in its construction Direct implementation On that king Tier 1 platform. It has also dropped over $1 billion of its native token (HYPE) to early adopters and has deposited 300 million of these tokens across 16 validators.
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Current CoinGecko data He appears HYPE is trading at $21.2, down 9.4% in the past 24 hours. However, 24-hour trading volume increased by 18.31%. Based on market cap, HYPE ranks among the top 30 cryptocurrencies.
TradingView data He appears The token’s RSI is 46.969, indicating a neutral market condition.