What to Know:
- Paxos’ USDG0 stablecoin integration boosts Hyperliquid’s liquidity outlook.
- TradeXYZ volume hits $500M after fee cuts, but unstaking raises sell-pressure risks.
- Whale activity and oversold bounce fuel short-term recovery before Nov 29 unlock.
Hyperliquid (HYPE) surged 9% over the past 24 hours, bouncing back from a weekly downturn of 11% and a monthly 27%.
Paxos’ USDG0 stablecoin
Paxos has chosen Hyperliquid as one of the first platforms to launch its new omnichain stablecoin USDG0. That means USDG0 will soon integrate into Hyperliquid’s trading and lending markets. USDG0 is backed 1:1 by cash and equivalent assets so it’s stable by design. This fits with HYPE’s job as a liquidity hub, which could make more people want the token.
If Hyperliquid has stable, trusted “dollar-like” liquidity, it could get more users, more trading activity, and more demand for HYPE. This is because a lot of the platform’s fees could be used to buy back HYPE.
TradeXYZ Volume Spike
TradeXYZ, Hyperliquid’s tokenized equity market, has recently seen a huge spike. After the platform dramatically reduced its fees by around 90%, TradeXYZ reportedly hit a $500 million daily trading volume milestone.
That kind of volume suggests more engagement and more users coming in. More activity, especially from trading equities, can lead to more fee revenue for Hyperliquid. That, in turn, could boost HYPE’s value if a portion of those fees supports HYPE buybacks. However, on the flip side that volume alone isn’t everything. Over the weekend, the project team unstaked 2.6 million HYPE, roughly worth $91M, which briefly dragged the price down to $29.
Whale Accumulation
Adding to the positive tone, whales have been building positions. There’s been a large $44.5 million ETH long on Hyperliquid. Such moves tend to draw attention from smaller traders hoping to ride the same wave.
Also, from a technical standpoint, HYPE rebounded from support at $28.98 to $34.60, testing resistance at $35.03 (23.6% Fibonacci level). The RSI (39.5) and MACD (-0.51) remain bearish but show slowing downward momentum. Short-term buying pressure emerged after a 10% drop over the past week, though the broader market’s “Extreme Fear” sentiment of 15 limits upside.
So, between whales stepping in and technical conditions improving, HYPE got a bit of a relief rally for now.
Growing Interest in Hyperliquid
Hyperliquid highlighted its broader vision recently. The team stated that they support permissionless perpetual trading on anything and see a huge opportunity to build mobile apps that bring non-crypto users into on-chain finance.
They believe the keys are:
-
Seamless fiat onboarding
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A mobile experience simple enough for everyday users
Hyperliquid says its HIP-3 perps already provide the liquidity infrastructure builders need. With “builder codes,” teams can even earn money based on the volume their apps generate. The goal is to empower developers to build next-generation financial apps with global reach. This long-term vision of making finance open, global, and permissionless continues to attract builders and investors to the ecosystem.
Final Thoughts
On November 29, a sizable HYPE unlock is scheduled, representing ~2.66–3.6% of total supply. If many tokens hit the market, that could put downward pressure on the price. Plus, a sell pressure risk post-unlock due to the recent unstaking of 2.6M HYPE shows the risk is real: even though volume rose, increased supply can offset gains.
For the fee-cut and volume-spike strategy to pay off, such high activity levels must continue just one good day won’t be enough. The of stablecoins is promising, but it won’t have a real effect until people start using them and more stablecoins flow in. If people don’t buy USDG0, the expected increase in liquidity may not happen.
Also Read: Klarna Launches KlarnaUSD Stablecoin on Tempo Network
