The HYPE token from Hyperliquid climbed roughly 5% over the past 24 hours, outperforming a softer broader crypto market. The move comes as heightened geopolitical tensions in the Middle East triggered a surge in trading activity, particularly in oil-linked futures contracts.
While Bitcoin hovered between $60,000 and $69,000 with muted flows, Hyperliquid experienced a spike in volume that translated into strong fee generation. According to on-chain data, the protocol collected $2.8 million in fees in the past 24 hours and more than $13 million over the last week.
A portion of these trading fees is allocated to HYPE buybacks and token burns. Over the past seven days, approximately $9.22 million worth of HYPE has been burned a 20.4% increase compared to the previous period tightening circulating supply and reinforcing bullish sentiment.
Despite a scheduled unlock of around $316 million worth of HYPE tokens, representing roughly 2.7% of released supply, traders appear relatively unconcerned. Historical unlock patterns suggest that actual net supply increases may be smaller than headline figures imply.
The market’s focus has shifted toward supply compression dynamics, particularly as aggressive burn activity offsets potential dilution.
Jupiter JUP Gains on Emissions Freeze
A similar supply-discipline narrative is supporting Jupiter and its JUP token. Following a governance vote in late February, token holders approved eliminating net-new emissions for 2026, effectively freezing additional supply this year.
JUP has risen 13% over the past week, reflecting investor preference for altcoins with constrained issuance models. As volatility persists, traders appear to be selectively backing projects where revenue growth and supply controls align.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.