Hyperliquid Strategies (PURR) stock continued its strong rally, reaching a new record high as the HYPE token rally gained steam. PURR jumped to $14.15, up by over 140% from its lowest point in July, bringing its market capitalization to over $2.5 billion.
Hyperliquid Strategies is doing well as HYPE jumps
Hyperliquid Strategies is a top company that has become one of the most successful crypto treasury firms in the industry. It has accumulated over 29.4 million HYPE tokens, which are currently worth over $2.4 billion.
The company has done well because of the ongoing HYPE token rally. After bottoming at $20.2 in January, it soared to a record high of $86.75, and then pulled back to $83.73.
HYPE token has done well because of its strong fundamentals. Hyperliquid, the biggest player in the perpetual DEX industry, handled over $10.7 billion in volume in the last 24 hours, with the open interest hitting $13.6 billion. The platform had over $221 billion worth of transactions in the last 30 days.
Hyperliquid’s volume was higher than other large players in the perpetual futures industry. Aster handled $50 billion, while edgeX, Lighter, ApeX Protocol, Grvt, and Pacifica handled $49 billion, $33 billion, $42 billion, $41 billion, and $14 billion, respectively.
Hyperliquid has done well this year because of its tokenization push. Indeed, a closer look at its top traded assets shows that that Nvidia, SK Hynix, SanDisk, S&P 500, and oil are among the most popular ones.
Hyperliquid’s volume will likely continue growing in the coming months, especially if it enters the United States, as the management has suggested.
This growth has made it one of the most profitable players in the crypto industry this year. TokenTerminal data shows that Hyperliquid has made over $718 million in the last 365 days. Only Tether, Tron, and Circle made more money in the same period.
Hyperliquid’s revenues are important because the company uses them to burn the tokens. The platform has already burned over 46 million tokens, which are currently worth over $3.8 billion.
More metrics show why Hyperliquid has continued doing well this year. For example, Hyperliquid Layer 1 shows that its stablecoin market cap stands at over $6.7 billion, making it one of the most popular chains in the industry.
PURR stock price technical analysis
Hyperliquid token chart | Source: TradingView
The daily chart shows that the PURR stock has been in a bull run this year and has outperformed other top companies like BitMine, Strategy, and MetaPlanet.
PURR has recently moved above the important resistance level of $11.6, its highest point on June 1 this year. Moving above that level confirmed the bullish breakout by invalidating a double-top pattern.
The token has remained above the 50-day and 100-day Exponential Moving Averages (EMA). At the same time, it has moved slightly above the Ultimate Resistance level of the Murrey Math Lines tool at $12.50.
Therefore, the token will likely continue rising, with the next key target to watch being at $15.
The risk, however, is if the HYPE token pulls back as we saw with Strategy and other treasury companies like BitMine and MetaPlanet.
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