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Hyperliquid nears record high at $59.06, wiping out $36.5M in shorts amid strong market rally.

Market News
21 May 2026
Bitcoin
View Source
Bullish
pluang ai news

Hyperliquid (HYPE) surged to $59.06, just shy of its all-time high of $59.33 from 2025, pushing weekly gains close to 50% and briefly lifting its market cap above $14 billion. The rally liquidated $36.5 million in short positions, reflecting strong buying momentum fueled by a new revenue framework linking income to deposits and Coinbase's role in treasury management. Demand was also boosted by recent ETF launches, though critics warn of a potential bubble and caution about upcoming token unlocks for the development team. The token's growth highlights a strategic shift aiming for stability and increased institutional interest, but risks remain from market volatility and supply unlocks.

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