Hyperliquid token rallies 147% then dips in June as whales buy, retail sell

The Hyperliquid decentralized exchange saw its HYPE token surge 147% in 2026, reaching an all‑time high of $76.96 in June before sliding about 13% to the $48‑55 range, with key support near $49. The protocol’s total value locked sits at roughly $5.94 billion and 30‑day trading volume topped $240 billion, generating Q2 2026 revenue of $184 million and a gross profit of $144 million, which was used to buy back HYPE tokens.

On‑chain analysis shows a sharp split in holder behavior: retail wallets holding ≥10 HYPE fell below 50 000, their lowest in a year, while whale wallets holding ≥10 000 HYPE rose above 1 900, indicating bullish sentiment among large investors. Extremely profitable traders (profits > $1 million) are predominantly short on HYPE, whereas most other cohorts remain long, highlighting divergent market positions between whales and retail participants.