Hyperliquid (HYPE) has experienced a major 21% price increase over the past week, sharply contrasting with many of the largest cryptocurrencies, which have been trading in negative territory. Despite this positive momentum, a new report suggests that HYPE may still be undervalued compared to its potential.<\/p>\n
According to a Thursday post <\/a>from Hyperliquid Daily on the social media platform X (previously Twitter), several factors underscore why HYPE remains undervalued at its current price.\u00a0<\/p>\n First, the trading volume for Hyperliquid has reached unprecedented levels. The asset\u2019s 24-hour perpetual volume stands at $6.48 billion, with open interest recorded at $6.41 billion.\u00a0<\/p>\n Notably, trading in crude oil perpetuals has surged from approximately $21 million to $1.39 billion daily since tensions between Iran and Israel began, making it the second most traded asset, surpassing even Ethereum <\/a>(ETH).<\/p>\n Additionally, the cumulative protocol revenue has crossed the $1.039 billion mark, with an annualized run-rate of around $664 million based on a 30-day revenue of $54.4 million. 99% of all fees are directed towards buybacks and burns of HYPE through the Assistance Fund.\u00a0<\/p>\n The report claimed that with this data recorded over the past month, Hyperliquid is evolving from its role as a leading on-chain derivatives platform to a more expansive decentralized finance (DeFi) Layer-1 (L1) solution.\u00a0<\/p>\n Hyperliquid has also seen recent trading in real-world assets (RWA) reach new heights. Over the past two weeks, RWA trading has consistently broken records, exceeding $1.3 billion in open interest and achieving over $1.4 billion in weekend volume. The Hyperliquid team wrote <\/a>on X:<\/p>\n When traditional markets are closed, Hyperliquid is the premier venue for 24\/7 price discovery on oil, metals, indices, and other essential assets. This is an important step towards housing all of finance.<\/p>\nHYPE\u2019s Technical Outlook<\/h2>\n