Decentralized finance coin Hyperliquid (HYPE) has surged nearly 10% today, setting a new all-time high as bullish momentum builds. 

The rally comes amid growing signs of heightened network activity, with on-chain data suggesting that user demand on the Hyperliquid blockchain is climbing. This fuels expectations that HYPE could extend its gains.

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HYPE Price Rally Backed by Climbing User Activity

According to Artemis, the layer-1 (L1) blockchain has generated the highest network fees in the past 24 hours, overtaking established leaders such as Solana, Tron, and Ethereum. 

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During this review period, Hyperliquid has raked in $3.2 million in fees, ranking ahead of Solana at $1.8 million, Tron at $1.4 million, and Ethereum at $1.1 million.

A surge in network fees is widely seen as a proxy for real user demand, since it reflects the level of on-chain activity. Therefore, the fact that Hyperliquid is outpacing its larger rivals signals that the network is attracting significant user engagement. If this trend continues, it will further support HYPE’s bullish trend and could propel the token to fresh highs.

Furthermore, according to DefiLlama, stablecoin supply on Hyperliquid has grown by 5% in the past week, signaling increased liquidity on the ne

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Author: Abiodun Oladokun