The HYPE token surged after Trade.xyz introduced synthetic exposure to SpaceX at a $1.78 trillion valuation.
Hyperliquid’s HYPE token climbed 7% in 24 hours, outpacing broader cryptocurrency declines. The rally followed Trade.xyz’s launch of the first pre-IPO perpetual market on the platform, offering synthetic exposure to SpaceX at a $1.78 trillion reference valuation.
Prior to this, HYPE had shown volatility amid fluctuating crypto market conditions. The introduction of SpaceX’s pre-IPO market marks a novel development in synthetic asset trading, providing investors with indirect access to private equity valuations.
The move reflects growing interest in tokenized derivatives tied to high-profile private companies.