Hyperliquid’s HYPE Hits $73.42 Amid SpaceX Pre-IPO Trading Surge

- HYPE hits record $73.42 as whale liquidations intensify - Hyperliquid attracts 66,000 daily users on SpaceX pre-IPO speculation The HYPE token, native to the Hyperliquid chain, hit an all-time high of $73.42 on June 1, 2026, as it outpaced the broader crypto market and cemented Hyperliquid’s position as a rising force in perpetual futures trading. This rally, marked by surging platform activity and liquidity, saw traders flock to Hyperliquid for exposure beyond established chains like Solana and Ethereum. On 2026-06-01, DeFi Llama reported that heavy trading in pre-IPO contracts, especially SpaceX, drove HYPE’s price spike, while Messari separately reported that anticipation for SpaceX’s June 12, 2026, IPO fueled both volatility and volume. In addition, DeFi Llama reported that HIP-3 pre-IPO contracts accounted for $60 million in open interest, representing 40% of Hyperliquid’s total trading volume, and that the platform’s total value locked (TVL) rebounded to $5.64 billion, reflecting rapid liquidity growth. As a result, Hyperliquid ranked second in daily fee generation, behind only Pump.fun and ahead of decentralized leaders like Aave and Polymarket. Market dynamics sharpened as short squeezes and whale liquidations powered volatile moves. On 2026-06-01, Coinalyze reported that a $42 million liquidation of trader @loracle contributed to total liquidations topping $20 million and that open interest peaked at $2.66 billion, with short positions comprising 56% of the total. This state of heightened volatility therefore drew 66,000 daily active high-value users and pushed the chain’s industry mindshare up 64% to 1.3%, positioning Hyperliquid just behind Solana. On 2026-06-01, multiple market analysis outlets reported that HYPE’s rally stands apart from meme token hype and instead reflects deeper dissatisfaction with Solana and Ethereum’s current market structure. Furthermore, they reported that escalating interest in equity and commodity perpetuals further underpinned platform growth. While analysts noted that HYPE exceeded short liquidation targets near $76 and could retrace toward $66, they also reported that it remains largely independent of broader crypto volatility for now. On 2026-06-01, Hyperliquid Market Survey data showed that HYPE was trading at $72.68 as of 08:09 UTC, with a 4.5% shift in 24-hour trading volume.