Hyperliquid Spends Over $1.26 Billion on HYPE Token Buybacks
Hyperliquid has utilized over $1.26 billion for buybacks of its native HYPE token. Concurrently, a new meme coin, Pepeto, has raised $11.2 million in its presale.
The Hyperliquid platform has announced expenditures exceeding $1.26 billion dedicated to the buyback of its native HYPE token. This significant financial commitment aims to support the token's value and the platform's stability. Currently, the HYPE token is trading around $86.81, a slight decrease from its September record high of $97.94.
These buybacks are supported by the platform's earnings. Hyperliquid has reportedly generated over $1.4 billion, with a substantial portion allocated to repurchasing HYPE tokens from the market. Simultaneously, a new trading application, Papertrade, operating on Hyperliquid's native chain, has attracted approximately $118 million in deposits within a 24-hour period.
This increase in trading volume and associated fees creates a positive feedback loop, fueling the HYPE token buybacks. The platform also benefits from the expansion of new applications within its ecosystem, which in turn boosts trading activity and revenue.
In parallel, Pepeto, a new meme coin offering three live trading tools, has successfully raised $11.2 million through its presale. Pepeto aims to replicate the success of Pepe coin by providing early access to trading utilities. The token's presale is ongoing, with the current price standing at $0.00000019 per token.
Analysts project price targets for the HYPE token, including testing the previous record of $98.04 and potentially reaching $115.10 or $150. Support levels are estimated around $75.15.