Hyperliquid (HYPE) has been dominating the cryptocurrency charts over the last few days, hitting a new all-time high of $64.27 on May 24, 2026. While the asset has faced a 2.3% correction in the last 24 hours, CoinGecko data shows that HYPE has rallied 29.2% in the last week, 49.6% in the 14-day charts, and 49.5% over the previous month. The cryptocurrency’s price has also risen by more than 60% since late May 2025. Let’s discuss what Forbes has to say about HYPE’s recent price spike.
Why Did Hyperliquid Hit An All-Time High?
Hyperliquid’s (HYPE) recent price surge came after its ETF launch earlier this month. Many anticipated the price surge to be related to the highly anticipated ETF debut.
Moreover, Goldman Sachs recently revealed a massive position in a Hyperliquid-related company in its 13f filing with the SEC. The financial institution purchased 654,630 shares of Hyperliquid Strategies Inc. (PURR), worth around $3.3 million.
Hyperliquid’s (HYPE) rally also came amid the Hyperliquid decentralized exchange offering pre-IPO exposure to SpaceX. The move garnered substantial interest among investors.
Also Read: Hyperliquid Creates SpaceX Exposure For Clients Ahead Of IPO
While the above mentioned factors may have helped propel Hyperliquid’s (HYPE) price, Forbes analysts believe there is one more major reason. According to a recent report, HYPE’s massive upswing is fueled by major buy-backs from the project. The report states, “Hyperliquid spends almost everything it earns buying HYPE. The buyback is written into the protocol, it runs continuously, and it has very little to do with whether outside investors believe in the asset.“
Additionally, the board cannot vote to stop the buy-backs even if they wanted to. The increased interest in the project may have led to increased Hyperliquid (HYPE) token buy-backs from the protocol, leading to prices hitting a new all-time high. The Hyperliquid Strategies Inc. company is also designed to hold HYPE tokens, which further reduces the coin’s circulation.
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