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MarketAnalysisAltcoinHyperliquidTrending
Aug 26, 2026
3min read
byGlory Kaburu
forThe Coin Republic
<img src="https://xpertsstudio.com/wp-content/uploads/2026/08/image_4-3.png" alt="Is Hyperliquid Price Next to Rally After HyperEVM Revenue Surpasses $500K?” loading=”lazy”>
HyperEVM hit a new daily revenue peak above $500,000 on August 23 and generated $21.449 million in weekly revenue as DEX trading addresses rose to 25,500; trading fees accounted for $19.33 million, gas fees $1.04 million, priority fees $671,000 and auctions $408,000, and Hyperliquid directs 100% of revenue to buy-and-burn HYPE via open-market purchases or direct burns. Kinetiq announced Elysium, a Layer 2 that will use HYPE as its gas token and allocate sequencer fees 50% to KNTQ buybacks/burns, 25% to ecosystem builders and 25% to the Kinetiq treasury, while HYPE traded between $77.68 and $83.04 on August 23 (+1.8% daily, +34.1% 7d, +45.0% 14d, +79.1% 1y), developments that point to stronger DeFi adoption, token deflationary mechanics and potential market support.
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Key Insights
- Hyperliquid price saw a 1.8% daily pump, albeit retreating 5.3% from its session high.
- HyperEVM daily revenue exceeded $500,000 while trading addresses reached 25,500 on August 23.
- Elysium will use HYPE for gas and split sequencer fees across three stated allocations.
Hyperliquid’s HyperEVM recorded more than $500,000 in daily revenue on August 23, establishing a new all-time high. The peak arrived during increased meme trading activity and broader gains across the network’s decentralized exchange metrics.
Meanwhile, the HYPE crypto price remained positive over 24 hours despite a sharp reversal from $83. Kinetiq also detailed a separate Layer 2 network that will use HYPE for transaction gas.
HYPE Crypto Price Retreats From $83
The token first advanced from around $78 before testing the $83 region. Sellers then rejected that move, sending HYPE back to $78.66. The retreat placed the token about 5.3% below its session high.
During the full session, HYPE crypto price traded between $77.68 and $83.04. Those limits generated an intraday range of almost 6.9%. The late sell-off also saw Hyperliquid price slide 3.2% in an hour. Even so, the token retained a daily gain of approximately 1.8%.
Immediate support stood between $77.68 and $78.00, with the psychological $77 level below that zone. Conversely, buyers faced initial resistance at $79. Further barriers appeared between $80 and $81, followed by supply from $82 to $83.04.
Despite the intraday rejection, HYPE posted gains across every supplied longer-term period. The token rose 34.1% over seven days and 45.0% over 14 days. Additionally, the 30-day increase reached 34.0%, while the one-year advance stood at 79.1%.
HyperEVM Activity Climbs With Revenue
Notably, Wu Blockchain linked the August 23 revenue record with increased meme trading activity. On that date, HyperEVM DEX trading addresses reached 25,500. Notably, that represented the highest address count since September last year. Trading volume and transactions also improved.
Further data suggested that Hyperliquid crypto generated $21.449 million in weekly revenue. The largestile, HyperEVM gas fees contributed $1.04 million, while priority fees contributed $671,000. The balance, $408,000, came from auctions
Hyperliquid directs 100% of these revenue categories toward HYPE burns through two reported methods.
One route uses revenue to buy HYPE on the open market, then burns the acquired tokens. Alternatively, some revenue arrives directly in HYPE and then undergoes the same burn process.
Elysium Uses HYPE as Its Gas Token
Kinetiq, a liquid staking protocol in the Hyperliquid ecosystem, announced the Elysium Layer 2 network. The protocol was designed Elysium to improve HyperEVM performance and throughput. Additionally, the planned network will strengthen connectivity with HyperCore.
Elysium will use HYPE as its gas token and support four stated areas. Those areas include spot trading, PropAMMs, token launches, and HIP-3 perpetuals.
Under the announced distribution, half of Elysium’s sequencer fees will fund open-market KNTQ buybacks and burns. Ecosystem builders will receive 25% of the fees. Meanwhile, Kinetiq’s treasury will receive the final 25%.
Within that structure, HYPE serves the gas function, while KNTQ receives the buyback-and-burn allocation. Therefore, the two tokens have separate roles under Elysium’s announced fee model.
Source: cryptorank.io