Decentralized perpetual exchange (DEX) Hyperliquid (HYPE) has reached a significant milestone, surpassing $1 trillion in total perpetual contract (perps) trading volume.

This achievement comes despite a broader market downturn, where major sectors have posted losses. While there has been slight growth today, it remains minimal, highlighting the market’s challenges.

Hyperliquid Dominates Perps Market 

According to data from DeFiLlama, Hyperliquid perps’ cumulative trading volume has surged to $1.1 trillion. This rise in activity highlights its growing appeal among traders.

Furthermore, as reported by Dune Analytics, weekly volumes have ranged between $40 billion and $50 billion. In fact, the platform now commands over 60% of the market share among perps platforms, solidifying its position as a powerhouse in decentralized finance (DeFi).

Besides its market dominance, Hyperliquid has made headlines for being central to a major development. As BeInCrypto reported, the platform gained widespread attention after a whale trader opened a 40x leverage BTC short position worth $423 million, triggering a “whale hunt.”

Nonetheless, the developments have not done much for the platform’s native token, HYPE. Instead, it has been underperforming, maintaining a consistent downtrend.

Over the past day, it has depreciated by 3.4%. At press time, it traded at $12.9, marking lows not seen since December 2024. Moreover, the platform has faced increased scrutiny following concerns about potential money laundering.

Analyst Forecasts: Will HYPE Reach $100?

Despite these struggles, an analyst predicted that HYPE could reach $50-$100, citing its status as the leading crypto DEX and its high-throughput Layer 1 blockchain.

In the latest X (formerly Twitter), he highlighted Hyperliquid’s impressive growth. The platform averages $6.7 billion in daily volume, a significant increase from $1.1 billion in October. This surge has increased its market share relative to Binance, jumping from 2% to 9% in just six months.

“If Hyperliquid can maintain just a fraction of its growth rate, we could see it reach ~20% of Binance’s volumes by the end of the year,” the post read.

According to the analyst, this expansion could significantly boost the HYPE token’s valuation.

“If Hyperliquid is able to reach 20% of Binance’s volume, I think we could easily see $40-50 HYPE with the uptick in earnings and a slight multiple expansion,” he said.

He also highlighted several factors that could fuel Hyperliquid’s continued success. The recent addition of native spot Bitcoin (BTC) trading, coin margin functionality, and the possibility of launching a delta-neutral stablecoin are seen as major catalysts for future growth. 

Another key development is the evolution of Hyperliquid’s Layer 1 blockchain ecosystem. The platform has attracted over 50 projects and holds over $2.3 billion in USDC and BTC deposits.

The analyst added that Hyperliquid has a strong potential to establish itself as the third most used blockchain, following Ethereum (ETH) and Solana (SOL), within the next few years. 

“Given ETH and SOL are worth $230 billion and $75 billion, respectively what does that make Hyperliquid’s potential L1 valuation? Even at 15-25% of ETH or SOL, that adds another $10-50 to the token price. $50 for the perps/spot/stablecoin product + another $50 for the L1 and $100 HYPE seems possible,” he predicted.

Crypto.com has ignited controversy within its community after proposing to re-mint 70 billion CRO tokens. This decision marks the reversal of a 2021 token burn intended to reduce the circulating supply permanently.

The move, which passed at the last minute with a decisive vote, has left many CRO holders feeling betrayed.

The outcome remained uncertain for most of the proposal’s voting period, which ran from March 2 to March 16. While the “yes” votes narrowly led, the proposal did not pass the 33.4% quorum of eligible votes.

That changed on Sunday at 14:00 UTC when a sudden influx of 3.35 billion CRO tokens tipped the balance. This secured the necessary quorum and significantly boosted the “yes” votes. Notably, voter turnout was 70.58%, exceeding the required threshold. The final tally was 62.18% in favor, 17.61% against, and 20.11% abstaining.

To put it in perspective, only 11.86% of validators voted “yes,” with only two of its validators (Starship and Falcon Heavy) supporting the proposal initially.  

By the end of the vote, three more Crypto.com-controlled validators, Electron, Antares, and Minotaur IV, joined them. Meanwhile, two independent validators, Cosmostation and Polkachu.com, also backed the proposal.

Notwithstanding, their votes had minimal impact on the outcome as Crypto.com controls between 70-80% of the total voting power. This means the company tipped the scales through its dominance over the network.

Community members were quick to express frustration, accusing Crypto.com of manipulating the process. Based on the claims, it appears the Crypto.com exchange leveraged its significant control over the network’s validators. One large token holder voiced their disappointment on Telegram.

“They [Crypto.com] pushed their votes almost at the last minute. And now they created a precedent that other projects could follow,” Unchained reported, citing a community member on Telegram.

With the vote secured, Crypto.com is set to upgrade the Cronos blockchain, re-minting 70 billion CRO tokens. The newly minted supply will vest over five years and serve various purposes, including the potential creation of a CRO ETF (exchange-traded fund).

Notably, the original 70 billion CRO burned in 2021 will remain out of circulation. Nevertheless, the timing and nature of this decision have fueled skepticism within the community, especially given Crypto.com’s prior assurances that the 2021 burn was final.

A day after the controversial re-minting passed, Crypto.com introduced another proposal to burn 50 million CRO tokens. This constitutes about 0.07% of the freshly minted supply and has been met with widespread derision.

“It is a spit in all CRO holders’ faces. I mean, how dare you re-mint 70 billion tokens and on the same day start a proposal for burning 50 million tokens,” crypto journalist Laura Shin revealed, citing one validator who opposed the re-minting proposal on Telegram.

The comment reflects the general sentiment among the Crypto.com community. Many feel that this irreparably damaged their trust in the platform.

Amidst an outraged community and eroded trust in Crypto.com, the fallout from this decision could have long-term repercussions for the company and the broader Cronos ecosystem. Meanwhile, voting on the latest burn proposal continues.

Amidst this backlash, Cronos’ CRO price is down by almost 5%. BeInCrypto data shows CRO was trading for $0.08 as of this writing.

Crypto.com did not immediately respond to BeInCrypto’s request for comment.

MUBARAK coin has seen a dramatic surge in price, with its market capitalization skyrocketing to $200 million in just 48 hours. 

This unexpected rally is largely attributed to two major players in the cryptocurrency industry: Binance and its former CEO, Changpeng Zhao (CZ). Their involvement has significantly impacted MUBARAK’s growth, drawing both media attention and investor interest.

MUBARAK Finds Sudden Support

The recent price surge of MUBARAK can be traced back to Binance founder CZ’s influence. As reported by Lookonchain, CZ exchanged 1 BNB for 20,150 MUBARAK, valued at $600 at the time. This event, combined with the token’s listing on Binance Alpha, ignited an exceptional rally.

Binance Alpha’s listing is crucial, as coins that make it to this platform are often more likely to be listed on Binance’s main exchange, a major driver of interest for traders.

While CZ’s involvement in MUBARAK sparked considerable hype, he made sure to deflect the attention away from himself by clarifying the situation in a tweet.

“People give me too much credit. I didn’t have any magic for any of the wonderful things happening. It’s builders building for years. I know only a handful of words in Arabic, but I am happy that I may have “inspired” millions of people to learn a few words, too,” tweeted CZ.

Nonetheless, his interaction with the meme coin caught the eye of many investors, and the token’s price surged as a result. This combination of Binance Alpha’s endorsement and CZ’s engagement led to a massive rally.

Since its launch, MUBARAK has consistently experienced bullish momentum, as indicated by the Relative Strength Index (RSI). Currently, the coin is in the overbought zone, a typical scenario for assets that are experiencing hype-driven price increases. 

However, this strong upward trend is likely to continue for a while. Such momentum is crucial for newly launched tokens to gain market traction. The continued bullish behavior from investors reflects optimism, but this will need to be sustained by further market action and backing to avoid a rapid decline.

MUBARAK Price Shoots Up 200%

MUBARAK’s price has risen nearly 200% in the past 48 hours, reaching $0.206. It also achieved an all-time high (ATH) of $0.221, but this peak may not hold for long. With the current market enthusiasm, the ATH is likely to be breached soon as the altcoin pushes for higher levels.

Given that MUBARAK’s rally is largely driven by hype, it’s difficult to predict its future trajectory with certainty. However, traders are optimistic and may expect the token to reach as high as $0.500. This level could take some time to hit, but it represents the target for many investors.

That said, if the bullish momentum fades and investors begin to realize the meme coin lacks fundamental value, MUBARAK’s price could sharply decline. In such a scenario, it could fall back to $0.149 or lower, possibly reaching $0.108. This would invalidate the current bullish outlook, causing a significant drop in price and investor confidence.