Why is Hyperliquid's HYPE token price up 23% in one day?

Fresh US ETF launches and Coinbase’s Hyperliquid deal helped fuel HYPE’s rally this week, but technicals warn of a possible pullback.

HYPE, the native token of decentralized exchange Hyperliquid, jumped more than 23% in the past 24 hours, climbing toward $47 on Friday to hit its highest level since October 2025.

HYPE/USDT daily chart. Source: TradingView

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