HYPE Price Shoots 12% on $1B Accumulation News from Hyperliquid Strategies

Core Insights - HYPE, the native cryptocurrency of Hyperliquid DEX, has experienced a 12% price increase, attributed to a $1 billion acquisition plan by Hyperliquid Strategies [1][2][4] - The trading volume for HYPE surged by 20% to $690 million, indicating strong market activity and bullish sentiment among investors [3] - Hyperliquid Strategies plans to raise up to $1 billion through an equity offering to strengthen its balance sheet and support HYPE token accumulation [6][7] Price Movement - HYPE is currently trading at $38.92, recovering from a support level of $35 and testing key weekly resistance [2] - The price rally follows a period of volatility due to token unlock news, but the recent treasury development has renewed optimism [4] Trading Activity - HYPE futures open interest has increased by 20% to $1.55 billion, reflecting bullish expectations for future price movements [3] - The price is showing potential for a bullish breakout from a descending channel pattern, with a target of reaching its all-time high of $60 [4] Company Developments - Hyperliquid is expanding its perpetual market through the Hyperliquid Improvement Proposal 3 (HIP-3), aimed at enhancing infrastructure and trading efficiency [5] - The company is undergoing a merger with Sonnet BioTherapeutics and Rorschach I LLC, with plans to list on Nasdaq under a new ticker symbol later this year [7][8]