Hyperliquid (HYPE): Whale activity surges as token hits new all-time high

The native token of Hyperliquid, HYPE, reached a new all-time high (ATH) on May 22, 2026, according to AMBCrypto. This decentralized exchange (DEX) platform for perpetual contracts, built on its own Layer 1 blockchain, now has a market capitalization of $10.49 billion and a 24-hour trading volume of $71.80 million, according to CryptoScore Pro data. Whale activity, defined as wallets holding more than 100,000 HYPE, doubled in 48 hours, with both buying and selling movements, suggesting increased liquidity but also partial profit-taking. Hyperliquid, audited by CertiK in 2025 without any critical issues identified, remains under scrutiny in a context of growing adoption of perpetual contracts within the DeFi ecosystem. What Happened The price of HYPE hit a new all-time high on May 22, 2026, following a week marked by high volatility. This performance coincides with intensified whale activity, with the number of whales doubling in two days. According to CryptoScore Pro, HYPE’s market capitalization stands at $10.49 billion, while its daily trading volume reaches $71.80 million. Although no official announcement has been made regarding technical updates or partnerships, activity on Hyperliquid’s native blockchain, Hyperliquid Chain, remains high. The score assigned to HYPE by CryptoScore Pro is 50/100, reflecting growing adoption but persistent risks related to governance and liquidity. Why Is This Important Hyperliquid positions itself as a major player in the perpetual contracts sector, a derivative product allowing speculation on the rise or fall of an asset without an expiration date. The increase in whale activity may indicate strong demand for HYPE, whether for speculation or participation in platform governance. However, increased profit-taking could lead to a short-term correction. HYPE’s rise to an ATH could also have a ripple effect on other perpetual contract-related tokens, such as BULL or HOLD, while strengthening the position of perpetual trading platforms within the DeFi ecosystem. Tokens like UNI or AAVE could indirectly benefit. No recent regulatory signals have been identified, but the growing adoption by whales could attract the attention of regulators, particularly in the United States. Points to Watch Price Stability : A daily close of HYPE below its ATH could indicate short-term exhaustion of the upward trend. Conversely, consolidation above $10.49 billion in market capitalization could strengthen investor confidence. Whale Activity : A decrease in whale activity or a dominance of selling could signal market saturation and an increased risk of correction. Technical Updates : An announcement from Hyperliquid regarding improvements to its blockchain or trading mechanisms could serve as a catalyst. Competition : The platform faces increased competition from dYdX, GMX, and centralized platforms like Binance or Bybit, which could capture some of the liquidity. Technical Risks : Although the CertiK audit revealed no critical issues, perpetual contracts remain complex products exposed to smart contract bugs or market manipulation. Hyperliquid, with a score of 50/100 according to CryptoScore Pro, sits in a balanced zone between adoption and risks, limiting fears of a sudden collapse but requiring heightened vigilance.