The recent price increase of Hyperliquid and the involvement of Ethena Labs in the USDH ecosystem have attracted traders' and analysts' attention.
Rise in Hyperliquid Prices
Hyperliquid's price has surged 24% over the week, reaching $55.27 with a 7% decrease in trading volume over the last 24 hours to $392 million.
Ethena Labs' Participation in USDH
Ethena Labs announced its intention to participate in the creation of USDH, Hyperliquid's stablecoin, supported by the investment giant BlackRock. As part of the proposal, Ethena Labs promises to return 95% of reserve revenue back to the community and cover migration costs from USDC to USDH.
Market Analysis and Trends
As interest in USDH grows, traders and analysts are becoming more optimistic about HYPE prices. Technical analysis indicates support around $44 with potential for new highs near $60. Increasing blockchain activity and new wallets also confirm positive market sentiments.
The impact of Ethena Labs and the price growth of Hyperliquid highlight interest in the USDH ecosystem and future opportunities in the DeFi market.
