Hyperliquid Surges Above $28, Surpassing LTC as 26th in Cryptocurrency Rankings

Recent data from Hyperliquid indicates that the digital asset HYPE has surged above $28, boasting a remarkable 24-hour increase of 13.26%. This continuous growth has propelled its market capitalization to approximately $9.3 billion, allowing it to surpass LTC and position itself as the 26th largest cryptocurrency by market capitalization, with a trading volume of $336 million within the same timeframe. Additionally, data from DefiLlama reveals that Hyperliquid currently holds a total value locked (TVL) of $3.114 billion, with on-platform assets reaching $2.164 billion across USDC and USDT.

Although Hyperliquid is making significant strides, it is important to note that its mainnet is not yet operational. The project, envisioned as a decentralized alternative to Binance, has yet to receive any external investments, raising questions about its long-term sustainability. Currently, on-chain deposits and withdrawals are facilitated through Arbitrum, with Hyperliquid addresses containing more than 60% of the USDC tokens on the Arbitrum chain, highlighting its prominent role in this ecosystem.