What to Know

  • Hyperliquid’s HYPE token rose by 4% in the past 24 hours after the platform listed the popular Solana-based memecoin USELESS.
  • USELESS gained 15% after the Hyperliquid listing, while its trading volume increased by 30% to $173 million.
  • The USELESS volume figure represented 56% of the token’s circulating market cap, pointing to strong speculative demand.
  • USELESS has surged by 683% as social media attention and retail interest helped fuel its rapid rise.
  • Open interest on Hyperliquid increased from $7.9 billion to $8.1 billion in the past week, suggesting traders are still positioning for market upside.
  • BTC activity on Hyperliquid has cooled sharply, with negotiated value dropping from $27 billion in mid-August to $17.6 billion last week.
  • The number of BTC trades processed by Hyperliquid fell from 3.08 million in the week ended on August 16 to 656,000 last week, a 79% decline.
  • HYPE has gained 249% year-to-date and has climbed to 9th place among the most valuable tokens in crypto.
  • Technical traders still point to $100 as a potential upside target, but a bearish divergence on the daily RSI raises the risk of a move toward $75.
  • A pullback to $75 would imply roughly 13% downside risk from current levels, while some late buyers may prefer to wait for $80 or lower.

HYPE Gains After USELESS Listing

Hyperliquid’s native token HYPE moved higher after the exchange listed USELESS, a Solana-based memecoin that has become one of the more closely watched speculative tokens among retail traders. HYPE rose by 4% in the past 24 hours following the listing, showing that market participants viewed the move as supportive for Hyperliquid’s trading ecosystem and potentially beneficial for platform activity.

The timing of the listing is important because USELESS has already been experiencing a sharp surge in attention. The memecoin gained 15% after its arrival on Hyperliquid, while trading volumes jumped by 30% to $173 million. That volume represented 56% of the asset’s circulating market cap, a high level that reflects aggressive short-term participation and strong buying pressure around the token.

USELESS has also posted a much larger rally in recent trading history, with its price exploding by 683% as it went viral on social media and attracted fast-moving retail demand. For Hyperliquid, listing a token with that level of attention can be seen as a strategic attempt to capture speculative volume and reinforce its position among active crypto traders.

Major trading venues often move quickly when a new cryptocurrency generates large volumes and strong community interest. In this case, Hyperliquid’s decision fits a familiar market pattern: when a token becomes liquid, volatile, and widely discussed, exchanges have an incentive to make it available before the surge in interest fades. That dynamic appears to have supported the near-term reaction in HYPE.

Hyperliquid Activity Cools After August Surge

While the USELESS listing has given HYPE a short-term boost, broader activity data shows a more cautious picture. Open interest on Hyperliquid rose from $7.9 billion to $8.1 billion in the past week, indicating that traders are still allocating capital and preparing for potential continuation in the broader rally. Rising open interest can be consistent with growing conviction when markets are trending upward, although it can also magnify volatility if positioning becomes crowded.

At the same time, transaction activity has cooled meaningfully from the surge seen in mid-August. BTC is the most traded token within Hyperliquid, making Bitcoin-related activity a useful gauge of platform momentum. The value of BTC negotiated on Hyperliquid dropped from $27 billion in mid-August to $17.6 billion as of last week, suggesting that the initial wave of aggressive trading has moderated.

The decline is even clearer in the number of BTC trades processed by the layer-one blockchain. Trades fell from 3.08 million during the week ended on August 16 to 656,000 last week. That represents a 79% decline in just 7 days, highlighting a sharp slowdown in transactional intensity after the earlier burst of activity.

This cooling does not necessarily invalidate the bullish case for HYPE, but it does change the risk profile. Strong rallies often move through phases of expansion, consolidation, and renewed continuation. When volumes and transaction counts retreat while price remains elevated, technical traders tend to watch closely for signs that late buyers are losing momentum or that early participants are locking in profits.

Fed Decision Keeps Traders Cautious

The market is also moving through a cautious period ahead of the Federal Reserve’s interest rate decision this month. Crypto assets can be sensitive to changes in interest-rate expectations because liquidity conditions, risk appetite, and leverage costs all influence how traders position in high-volatility markets. When the market is waiting for a policy signal, trading activity can compress as participants delay fresh directional bets.

That backdrop helps explain why HYPE’s price action appears to have shifted into consolidation even as open interest has continued to edge higher. Traders remain involved, but the earlier fear of missing out has cooled. In crypto markets, this type of setup can produce choppy conditions, with price holding near elevated levels while momentum indicators begin to weaken.

For Hyperliquid, the challenge is to convert attention from listings like USELESS into sustained trading activity. A high-profile memecoin can generate a burst of volume, but longer-term token strength often depends on whether the platform continues to attract meaningful liquidity across leading assets such as BTC. The recent decline in BTC trade count shows that this remains a key area to monitor.

HYPE Technical Setup Still Points to $100

Despite the cooling activity data, HYPE remains one of the strongest large crypto performers this year. The token has gained 249% year-to-date and has climbed to 9th place among the most valuable tokens in the crypto space. That performance reflects strong market confidence in Hyperliquid’s growth story and its role in the expanding on-chain trading market.

Technical traders continue to point to $100 as a potential near-term target for HYPE. The daily chart has developed a bull flag pattern following the token’s strong move above the $75 resistance area. A bull flag can signal consolidation within a larger uptrend, especially when price holds above a recently broken resistance level and buyers continue to defend higher zones.

The structure of the flag is also notable because it has an upward inclination. That suggests demand from late buyers is still exceeding supply from earlier traders who may be taking profits after the strong rally. In other words, even though the market has cooled from its most intense phase, buyers have not fully stepped away.

Industry-specific developments may also help explain why some market participants continue to frame $100 as a realistic upside target. The approval of the Clarity Act in the United States and ongoing talks with the U.S. Commodity Futures Trading Commission could potentially accelerate adoption for platforms positioned in crypto derivatives and on-chain trading. These factors remain supportive in the broader narrative, although price action still needs to confirm that demand is strong enough to extend the rally.

Bearish RSI Divergence Raises Pullback Risk

The main warning sign for HYPE is momentum. Even though the price has continued to rise, a bearish divergence has appeared on the daily relative strength index. In technical analysis, a bearish RSI divergence occurs when price pushes higher while momentum fails to confirm the move. This does not guarantee a decline, but it often indicates that the rally is becoming less forceful.

That divergence increases the risk of a pullback toward $75. Such a move would represent about 13% downside risk for the token from current levels. Since $75 previously acted as an important resistance area, technical traders may now watch it as a possible support zone if HYPE begins to retreat.

The risk is especially relevant for late buyers. Buying near an all-time high can produce strong returns if momentum continues, but it also exposes traders to sharp reversals if the market pauses or macro conditions turn less favorable. Some chart watchers may prefer to wait for a retreat toward $80 or lower before considering fresh entries, rather than chasing price near the top of the recent range.

Still, the broader structure has not turned decisively bearish. HYPE continues to trade within a constructive setup, and the $100 target remains in focus as long as buyers defend key support levels and platform interest does not deteriorate further. The near-term outlook is therefore best described as bullish but increasingly tactical, with traders balancing upside potential against a rising probability of consolidation.

What Traders Are Watching Next

The next phase for HYPE will likely depend on whether Hyperliquid activity stabilizes after the sharp decline in BTC trades. If open interest remains firm and transaction volume improves, the bull flag setup could gain credibility and keep the $100 target active. Strong follow-through from the USELESS listing could also help reinforce the idea that Hyperliquid can capture volume from fast-moving market narratives.

On the other hand, if BTC activity continues to weaken and the bearish RSI divergence deepens, HYPE may struggle to extend its advance before testing lower support. A move toward $75 would not necessarily break the broader trend, but it would reset short-term positioning and potentially offer more attractive levels for traders who avoided buying near the recent high.

For now, FXCOINZ views HYPE as a high-momentum crypto asset with a compelling upside setup and a clearly rising risk of a short-term pullback. The $100 target remains alive, but the path to that level may not be direct. Traders are likely to stay focused on the $75 support zone, the $80 area as a potential re-entry level, and whether platform activity can recover after the recent drop in transaction volume.

Frequently Asked Questions (FAQs)

Why did HYPE rise in the past 24 hours?

HYPE rose by 4% after Hyperliquid listed USELESS, a Solana-based memecoin that has recently attracted strong retail attention and rising trading activity.

What is USELESS?

USELESS is a Solana-based memecoin that has gained popularity through social media momentum and retail speculation. Its price has surged by 683% during its recent rise.

How much did USELESS gain after the Hyperliquid listing?

USELESS gained 15% after being listed on Hyperliquid, while its trading volume increased by 30% to $173 million.

Why is the USELESS volume figure important?

The $173 million volume represented 56% of the token’s circulating market cap, which indicates unusually strong trading activity and elevated speculative interest.

Is Hyperliquid activity still strong?

Open interest rose from $7.9 billion to $8.1 billion in the past week, but BTC trading activity has declined sharply from mid-August levels, showing a mixed picture.

How much did BTC trading activity fall on Hyperliquid?

The value of BTC negotiated on Hyperliquid fell from $27 billion in mid-August to $17.6 billion last week. BTC trades also declined from 3.08 million to 656,000 in 7 days.

Can HYPE still reach $100?

Technical traders still see $100 as a potential target because HYPE remains in a broader bullish structure and has formed a bull flag after moving above $75 resistance.

What is the main risk for HYPE right now?

The main risk is a bearish divergence on the daily RSI, which suggests momentum is weakening even though price has been rising. That raises the chance of a pullback.

What price level could HYPE pull back to?

A pullback toward $75 is in focus because that level previously acted as resistance. Such a move would imply roughly 13% downside risk from current levels.

Should late buyers wait before entering HYPE?

Some chart watchers may prefer to wait for HYPE to retreat toward $80 or lower instead of buying near its all-time high, especially with momentum showing signs of weakness.

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