Hyperliquid[HYPE] Sees Over $1 Billion in USDC Deposits, Doubling Reserves to $2.2B

This influx has driven the platform's Total Value Locked (TVL) to an impressive $3.4 billion, signaling strong investor engagement and renewed ecosystem momentum.

Hyperliquid [HYPE] price soared to $28.48 with a 4.47% increase in the last 24 hours. This price surge mirrors the influx of USDC into the network, underscoring the growing demand for the HYPE token.

From $10 to $28 in weeks: HYPE token price analysis

The HYPE token has seen a remarkable rally since its launch, surging from $10 to $28 within weeks. This impressive ascent has seen the token rally past key resistance levels, indicating strong investor confidence.

After debuting at $10 during the token generation event (TGE), HYPE quickly rallied to $15. This initial surge was followed by a period of consolidation before the token resumed its upward trajectory.

Now, HYPE token price is quickly approaching the $30 mark. If breached, this could pave the way for further gains. On the downside, critical support lies at $20, providing a cushion in case of profit-taking or market corrections.

The token’s price movements are closely linked to the platform's growth and performance. Hyperliquid, a cross-chain bridge network, recently launched its HYPE token on Binance. This TGE saw the minting of 100 million tokens, with 70% allocated to the community and the remaining 30% to the team and early investors.

With USDC reserves approaching $2.2 billion and a Total Value Locked (TVL) of over $3.4 billion, Hyperliquid is poised for further growth. The platform's ability to sustain this momentum will be crucial in determining HYPE token's long-term price trajectory.