Hyper Lane (Hyper) has reached the all-time high (ATH) today, driven by a recent list of major South Korea cryptocurrency exchanges.
Furthermore, the 24-hour trading volume of tokens skyrocketed by over 1600%, highlighting a significant increase in market interest and trading activity.
Hyperlane (Hyper) records the newest ever
For context, HyperLane is an interoperability protocol that allows seamless communication and asset transfer across a variety of blockchains without a centralized intermediary. It supports multiple virtual machines, provides unauthorized deployments, and provides customizable security features.
Its native token, Hyper, was released in late April and listed by Binance. The list raised the price to $0.366 and marked the ATH. But then the momentum was hampered.
Furthermore, Hyper’s Upbit list for Bitcoin (BTC) and Tether (USDT) pairs caused a brief surge in late May. Again, the rise was short-lived. Therefore, there was a long-term downward trend.
In late June, Hyper hit an all-time low. Nevertheless, yesterday the tokens got out of that slump with Upbit adding a parallel list of KRW trading pairs and Bithumb. According to Beincrypto data, the dual list inspired a 500% price rise, bringing the hyper up from $0.116 to $0.668 in a day.
The rally continued today, with Hyper peaking at a new record high of $0.689 about seven hours ago. However, tokens have fallen 21% from the peak.
At the time of writing, Hypertoken was trading at $0.54, an increase of 88.88% over the past day.
This rise has earned the second spot among Coingecko’s daily winners at the top of weekly top of the weekly cryptocurrency. The latest data also shows that market capitalization has also increased from around $20 million to over $95 million.
Price aside, the list catalyzed a surge in trading activity. CoinMarketCap data showed Hyper’s trading volume exceeded $1 billion for the first time on June 10th.
Furthermore, trading volumes were recorded at 3.87 billion yen at the time of press. This represents a 1,663% increase from the previous day.
“The hyper has exploded over the last 24 hours… Such momentum won’t lie. Story +Access = Ignition. Keep an eye on that,” the analyst posted.
A surge in search queries for terms such as “hypertoken” and “hyperlane” also serves as evidence of a growing market interest. Google Trends data showed that search interest for both terms reached 100, indicating increased curiosity and involvement.
Furthermore, Hyper is currently ranked among Coingecko’s top trend coins, cementing its position as the market’s attention focus.
Meanwhile, Hypertoken’s top holders have increased their stock. Nansen’s data highlighted that the top 100 owners have accumulated 93.2 million since July 8th. This rapid increase reflects Hyper’s growing confidence in his outlook.
Nevertheless, not everyone is sure of the potential of a hyper. Analysts suggested that they could experience crashes just like Mantra (OM) and Kinto (K).
“The hyper-lane hyper is the next OM or K,” the post read.
Furthermore, the project is still in its early unlocking phase, with only 8% of the total supply currently unlocked. The token unlock schedule will be extended over the next decades.
Tokenmics data showed the team would release a new supply starting July 22nd. This could potentially challenge Hyper’s latest profits.
Disclaimer
In compliance with Trust Project guidelines, Beincrypto is committed to reporting without bias and transparent. This news article is intended to provide accurate and timely information. However, we recommend that readers independently verify the facts and consult with experts before making decisions based on this content. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
