Hyperliquid’s HYPE token reached a new all-time high between $82 and $83 this week before retreating to $77.50. On August 29, a massive unlock of 14.2 million tokens, representing approximately $1.2 billion at current prices, will inject significant selling pressure into the market. Nearly 46.6% of this unlock, or roughly $560 million, goes to early investors and founding teams. The protocol has already survived comparable dilutions: in June, an $817 million unlock did not prevent HYPE from setting a new record just weeks later. Hyperliquid generated $169 million in revenue in Q2 2026, with $141 million allocated to HYPE buybacks, a price-support mechanism that distinguishes this case from previous dilution events.
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