Hyperliquid’s token HYPE breaks $51 ATH as bullish whale activity and USDH stablecoin vote spark market-wide attention.
Hyperliquid’s native token, HYPE, reached a new all-time high of $51.92 on Monday, supported by increased whale activity and validator discussions around the upcoming USDH stablecoin vote. The price later settled near $50, but trading volumes and investor interest remained elevated.
HYPE Whale Accumulation and Trading Activity
Large investors have played a major role in HYPE’s latest price surge. According to blockchain data, whales purchased over $24 million worth of HYPE within a single day. A wallet bought more than 260,000 tokens valued around $13 million, while another investor, wallet 0xe0f0, opened a long position worth nearly $7 million. Two other wallets combined to acquire about $4.2 million in tokens.
JUST IN: $HYPE reclaims $50, and is only 2.4% away from its ATH of $50.99. pic.twitter.com/6pFyw49WnJ
— CoinGecko (@coingecko) September 8, 2025
Analysts noted that out of the last 20 major trades, 18 were long positions, with only two short trades. This pattern has added to bullish momentum and reflects growing confidence among large holders. The surge in whale activity also pushed HYPE’s daily trading volume up by more than 90%, signaling stronger participation in the market.
Stablecoin Developments and Validator Vote
The Hyperliquid Foundation confirmed that validators will vote on September 14 regarding the ticker for its upcoming USDH stablecoin. Multiple platforms, including Paxos, Frax, and Agora, have submitted proposals to deploy USDH on Hyperliquid. Each team has suggested different models for governance, yield distribution, and token buybacks.
Paxos proposed a system that directs most interest earnings toward HYPE buybacks while maintaining compliance with MiCA and GENIUS Act requirements. Frax suggested backing USDH with frxUSD, which is tied to BlackRock’s on-chain treasury fund. Agora formed a coalition with Centrifuge, Rain, and LayerZero to build an institutional stablecoin framework and committed net revenues to HYPE buybacks or the platform’s Assistance Fund.
The Foundation stated that USDH would not receive any special privileges over existing stablecoins on Hyperliquid. It also emphasized that the vote will focus on the ticker while ensuring that USDC and other stablecoins maintain their role in the network’s supply.
Market Outlook and Technical Levels
HYPE has risen more than 1,400% over the past year, making it one of the strongest-performing cryptocurrencies in 2025. At the time of writing, HYPE trades near $50.5, with a market capitalization of about $16.9 billion.
Technical analysts observed that HYPE recently surpassed its resistance near $51 and is testing new price levels. A breakout above $52 could create conditions for a rally toward $54, based on Fibonacci extension targets. On the other hand, if the token fails to hold support above $45, it could retrace toward $43.
The relative strength index (RSI) showed overbought conditions, suggesting strong momentum but also caution for short-term pullbacks. Meanwhile, the price has moved above the upper Bollinger Band, signaling continued upward strength with possible volatility. Despite these short-term risks, increased whale accumulation and the upcoming validator vote on USDH remain central drivers of HYPE’s current momentum.