Hyperliquid token HYPE rebounds to around $65 after dip

The native token of the Hyperliquid exchange, HYPE, recovered to near $65 on June 29, gaining roughly 6% after falling into the low $60s earlier in the week. The rise kept the token above its short‑term moving averages and maintained its position among the top ten crypto assets by market value.

Hyperliquid’s protocol uses about 99% of the fees it collects to buy back HYPE on the open market, directly linking platform usage to token demand. Recent network upgrades expanded its fee‑and‑buyback machinery and introduced a portfolio‑margin system that lets users post BTC and HYPE as collateral across various markets. Stablecoin liquidity, primarily USDC, grew to about $6 billion, providing the capital that underpins order books and lending.

Analysts note the token’s chart shows a potential bullish continuation, with weekly price stability around a 3% gain and investors watching key support levels. The token’s price dynamics are framed as a reflection of Hyperliquid’s trading activity rather than isolated market swings.