Hyperliquid's native token, HYPE, traded above $50 on Wednesday for the first time since September 2025. The move comes as one major crypto asset manager argues that the market is underestimating the project's worth.
A return to $50
HYPE crossed the $50 threshold during Wednesday trading, a level it hasn't touched in roughly six months. The token had been trading below that mark since September 2025, when it last reached that price. The rebound comes amid renewed attention on Hyperliquid, a decentralized exchange and layer-1 blockchain.
The price jump wasn't accompanied by any major protocol announcement or regulatory clarity. Instead, the move appears to be driven by shifting sentiment among traders and investors who are reassessing the platform's potential.
Why some see value
Bitwise's chief investment officer, Matt Hougan, argued in a weekly memo that the market is pricing Hyperliquid too low. Hougan wrote that the token's current valuation doesn't fully reflect the activity and user growth on the Hyperliquid network. He pointed to metrics like total value locked and trading volume as signs that the ecosystem is expanding faster than its token price suggests.
Hougan's memo doesn't represent an official Bitwise position or a buy recommendation, but it adds a prominent voice to the debate over HYPE's fair value. The token's market cap remains a fraction of larger rival chains, which some see as either a discount or a sign of unproven long-term demand.
Critics note that Hyperliquid still faces competition from more established decentralized exchanges and that its tokenomics haven't been fully stress-tested during a prolonged downturn. Proponents counter that the project's technology — including its native order book and low latency — gives it a structural edge.
Whether HYPE can hold above $50 in the coming days will test the thesis Hougan laid out. For now, the token's price action has put Hyperliquid back on the radar of traders who had written it off after the September decline.
