Hyperliquid HYPE experiences volatility following Binance listing

Hyperliquid (HYPE) experienced price volatility following its listing on Binance on September 24, 2026. After reaching an all-time high of $98 on September 23, the token dropped approximately 4.5% as large holders moved significant blocks of tokens. Binance opened three trading pairs for HYPE—against USDT, USDC, and the Turkish lira—and applied a ‘Seed Tag’ to denote higher volatility.

Despite the initial dip, Hyperliquid Strategies purchased 494,200 HYPE, valued at $45.8 million, within a 16-hour period. The token has since seen a partial recovery, trading around $94. With a market valuation of approximately $23 billion, HYPE currently ranks as the 10th largest cryptocurrency.

Simultaneously, the Hyperliquid protocol has implemented a token burn mechanism. In a recent 24-hour period, the protocol burned 10,400 HYPE, valued at roughly $956,800. This brings the cumulative amount of burned tokens to 48.96 million, representing about 4.90% of the maximum supply. This activity is supported by the protocol’s 30-day revenue, which reached $58.27 million.