According to Zombit’s previous reports
HYPE, as the governance token within the Hyperliquid ecosystem, has made a strong recovery since the liquidity crisis in March and has recently been continuously setting new highs. Multiple on-chain data points indicate a significant rebound in its protocol revenue, TVL (Total Value Locked), and active holding participation, attracting substantial market capital and bullish sentiment. Several cryptocurrency KOLs and trading communities have been consistently promoting bullish views, further boosting HYPE’s market sentiment and buying power, while continuously squeezing short positions in this market cycle.