HYPE traded near $67 on June 15 after gaining more than 9% in 24 hours, according to crypto.news price data. The token has also risen more than 9% over seven days and 63% over the past month, keeping HYPE among the strongest large-cap crypto movers. The latest move placed HYPE close to its June 2 all-time high of $75.48, with market data showing 24-hour volume near $871 million and market capitalization standing near $14.9 billion. Hyperliquid held the No. 10 market rank with a fully diluted value near $64 billion, as the token recovered from a sharp pullback that had dropped it toward the mid-$50 area before buyers pushed it back into the $60 to $67 zone.
SpaceX's record-breaking $75 billion IPO has transformed crypto markets into a parallel venue for tokenized stock trading, with the aerospace giant surging 37% to $173.22 after opening at $150 per share. The IPO valued SpaceX at approximately $1.77 trillion at listing before crossing the $2 trillion market capitalization milestone, making it the largest IPO in history and placing it among the most valuable companies in the United States ahead of Meta, Tesla, and Broadcom. According to Reuters, investor demand remained exceptionally strong with orders exceeding $350 billion before trading began, while the rally has triggered one of the largest waves of tokenized stock activity seen across crypto markets. Binance Wallet attracted roughly $557 million in subscription funds for its SpaceX-linked campaign, offering tokens at an indicative price of 135 USDC before fees, while Backpack Securities and Sunrise launched SPCX, a Solana-based token backed by underlying SpaceX shares that eligible users can convert into actual stock.
Three of crypto's largest exchanges canceled their SpaceX products on IPO day, blaming share shortages and hidden lockups. Bybit, Binance, and Bitget had all offered tokenized SpaceX products ahead of the listing, but canceled them when they could not source enough real shares. A separate issue caught preStocks users off-guard: a 180-day lockup on their allocations that only became visible after trading opened, meaning they could watch the stock gain 19% without being able to touch it. Hyperliquid's SPCX perpetual contract had no such problems, generating $1.4 billion in volume on IPO day without requiring actual share ownership. The contract uses funding rates to stay anchored to the real market price, demonstrating that synthetic perpetual futures cannot run out of shares because they never needed them.
HIP-3 markets experienced a dramatic surge with SPCX perp recording $1.4 billion in volume on the day of SpaceX's debut, as reported by The Block. The pair accounted for 30% of all HIP-3 volume that session, representing a remarkable increase from the $26 million daily average in the three weeks before the IPO. Stock-linked HIP-3 markets have generated more than $18.8 billion in volume so far this month, eclipsing the $7.66 billion traded across crude oil and Brent perps combined. This shift represents a decisive rotation from commodity perps that dominated the first quarter of 2026 to equity perps, likely driven by the broader U.S. stock market correction and increased volatility. With HIP-3 markets now serving as a 24/7 venue for hedging and speculation on U.S. equities outside cash-session hours, it has pulled open interest and fee revenue away from centralized markets and equity CFD venues.
Crypto analyst Ali Martinez identified $65 as the key resistance level, stating that HYPE is forming what looks like the right shoulder of a head-and-shoulders pattern. The four-hour chart places the left shoulder near the mid-$60 range, the head around $75.63, and the right shoulder below the same resistance area. The main support level remains near $54.61, with the next downside levels marked at $48.14 and $40.66. Technical indicators show recovery but not a clear bullish reset, with the RSI at 58.74 and moving average around 54.89, keeping RSI above the neutral 50 level. The MACD shows short-term weakness with the line near 2.088, below the signal line at 2.584, while the histogram is slightly negative at about -0.495, pointing to softer momentum after the recent surge.
