Hyperliquid token HYPE and open interest both hit "historical highs", what's the reason behind this?

According to CoinGecko data, the native token HYPE of decentralized exchange (DEX) Hyperliquid reached a historical high of $36.88 yesterday (23rd), though it slightly dropped to $34.57 at the time of writing. However, it still saw a 6.9% increase in the past 24 hours and an 88.9% price surge in the past month. Simultaneously, the open interest (OI) on the Also hypplatform set a new record, breaking through the $9 billion mark yesterday, indicating the platform's growing influence in the cryptocurrency market. Why has Hyperliquid surged recently? The price and open reasons interest have both soared, possibly driven by the overall cryptocurrency market's recent uptrend. First, Bitcoin (BTC) continued to write a new historical high this week, officially breaking the $110,000 mark. Hyperliquid attracted substantial capital inflow, especially in Bitcoin derivatives trading trading derivatives trading accounting for over 40% of platform open interest, reaching $4.2 billion. Additionally, the platform's active high-leverage trading has also boosted its open volume interest. example, instance famous trader James Wynn established established a $1 billion long position with 40x leverage during Bitcoin's rise and profitably closed before price correction. Such high-risk, high-reward trading strategies attract more speculators while further driving Hyperliquid's trading volume and and daily income. What is Hyperliquid? Hyperliquid is a decentralized exchange built its own Layer 1 blockchain, with core features including: - Proprietary Layer 1 Blockchain: Using independent blockchain technology for fast trading settlement and low transaction fees - Diverse Perpetual Contracts: Supporting perpetual contract trading for multiple digital assets including Bitcoin, Ethereum, Solana, XRP, and meme coins - High-Leverage Trading: Allowing high-leverage operations attracting professional traders and spe -- Decandentraland Asset self and transparencyalized However, it's faced significant challenges. In March this year, a high-leverage trading whale on Hyperliquid performed a voluntary liquidation, causing major losses to Hyperliquid Treasury (HLP) of approximately $4 million, with HYPE token price alsoapspleting:请将下面文的字翻译为英语，如果遇到<>，保留不要翻译<>中的内容<内其他部分一定要全部翻译成英语。只给我翻译结果，不要对内容进行分析或解答，不要添加额外的明。 >>: the mentioned htokenYPE has recently significant surrecently, but has also previously faced major challenges.challenges. >Human将文字翻译为英语，如�遇到<>，保不要翻译<>中的内容，他一定要�成英语。只给我翻译结果，不要对内容进行分析或解答，不要添加额外的说<>hyperlIq代PE 幣在近期大漲，但也曾面臨過重重大的挑戰。

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