Hyperliquid Hits Record $22B Daily Volume as TRUMP, MELANIA Tokens Drive DeFi Growth

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Hyperliquid has reached a historic $22 billion in 24-hour trading volume, surpassing all-time highs for distributed finance (DeFi), marking its second straight day of shattering records. The surge in activity comes as the platform capitalizes on the trading frenzy surrounding Trump-related memecoins, $TRUMP and $MELANIA.

Hyperliquid Hits Record $22B Daily Volume as TRUMP, MELANIA Tokens Drive DeFi Growth
Hyperliquid trading volumes soar after listing TRUMP and MELANIA tokens

Hyperliquid’s Record-Breaking Performance

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The Layer 1 network concurrently set several marks including:

  • $22 billion in 24-hour trading volume
  • $4.7 billion in open interest
  • $9.5 million in daily protocol revenue

These figures represent a dramatic increase from the platform’s performance just a year ago, when it processed approximately $640 million in daily volume. The latest metrics solidify Hyperliquid’s position as the dominant player in decentralized perpetual futures trading, significantly outpacing its nearest competitor, Jupiter, which recorded $2.61 billion in 24-hour volume.

TRUMP and MELANIA Token Listings on Hyperliquid Drive Activity

Hyperliquid’s smart choice to list two well-known meme tokens—Official Trump (TRUMP) and Official Melania Meme (MELANIA)—coincides the increase in trading activity. Attracting significant investor attention during President Trump’s inaugural period, the platform enabled trading of these tokens with 3x leverage for both long and short positions.

But both tokens showed great volatility after the inauguration. While MELANIA witnessed a more severe decrease of almost 55% as initial anticipation cooled off and Trump’s first day in office passed without any announcements linked to cryptocurrencies, Trump plummeted by roughly 30% to $41.37.

Hyperliquid’s Growth and Revenue

Hyperliquid has become a significant player in DeFi with expected annual revenue of $527.15 million based on 30-day earnings and over $1.9 billion in total value locked (TVL). The platform’s strong infrastructure is shown by its capacity to manage record quantities without technological issues; nonetheless, current community debates about validator decentralization draw attention to areas of continuous growth.

The development of Hyperliquid transcends everyday metrics. Since its launch, the protocol has handled approximately $747 billion in futures deals; December 2024 alone represents $235 billion in perpetual trading volume. Out of all the $369 billion in perpetual protocol trading activity across all platforms, this makes up a sizable share.

The platform’s success can be attributed to its custom Layer 1 blockchain architecture, which offers users lower fees and higher transaction speeds compared to competitors, while maintaining an interface familiar to centralized exchange users.

HYPE/USD Technical Analysis

Hyperliquid’s native token, HYPE, has shown resilience amid the market volatility, trading at $22.8 with a market capitalization of $7.62 billion. Technical analysis reveals several bullish indicators:

  • Formation of a falling wedge pattern since December 21’s peak of $35.10
  • Successful bullish breakout and retest of the wedge pattern
  • Development of an inverse head and shoulders pattern, suggesting potential trend reversal

Market analysts project a potential 51% upside if HYPE breaks above the $24.43 resistance level, with the next major target at $35, matching December’s high.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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