HYPE Nears New ATH as SpaceX Perpetuals Fuel Rally

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Social media activity around HYPE surged as multiple catalysts, including US policy changes and exchange integrations, hit in the same week.

HYPE climbed to around $48 on May 19, after synthetic SpaceX perpetual contracts launched on the Hyperliquid-linked platform Trade.xyz, bringing the token just $11 away from its September 2025 record high near $59.

The rally has also tracked rising interest in tokenized real-world assets and a string of institutional moves tied to the Hyperliquid ecosystem.

Synthetic SpaceX Markets Push Hyperliquid Back Into Focus

According to data shared by Santiment, the token has gained roughly 24% from its May 13 low near $38. The on-chain analytics firm said social dominance around HYPE spiked as traders reacted to several developments landing within the same week, including the passage of the CLARITY Act on May 14 and Coinbase becoming an official USDC deployer on Hyperliquid.

But the latest trigger behind HYPE’s move higher was the May 18 debut of SPCX, a synthetic SpaceX pre-IPO perpetual market on Trade.xyz, which helped add another 7% to the token’s price per Santiment’s data.

The product launched with an implied SpaceX valuation of about $1.8 trillion, giving crypto traders exposure to a private company that is still inaccessible through public equity markets.

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