HYPE Tops Bithumb Charts, Trading Volume Nears 6x BTC

Hyperliquid Token HYPE Dominates Bithumb Trading Volume Post-Launch

The token HYPE, from the decentralized exchange Hyperliquid, saw an explosive debut on South Korean exchanges Upbit and Bithumb on November 10th. By 3:20 PM Taipei time on November 11th, HYPE’s 24-hour trading volume on Bithumb had reached approximately 295.59 billion Korean Won, a staggering 5.8 times that of Bitcoin on the same platform. A significant portion of this activity, around 110.86 billion Korean Won, occurred within a mere ten-minute window on the morning of November 11th. Neither exchange announcements nor media reports have provided a definitive explanation for this surge.

Bithumb Sees Unprecedented Trading Volume for HYPE

On November 10th, Bithumb listed Hyperliquid’s token HYPE, and within less than a day, its trading volume surged to become the highest on the entire exchange. According to Bithumb’s public API, as of 3:20 PM Taipei time on November 11th, HYPE’s 24-hour trading volume stood at approximately 295.59 billion Korean Won (about $220 million USD, or 7.26 billion New Taiwan Dollars). In comparison, Bitcoin’s trading volume on Bithumb during the same period was 51.37 billion Korean Won, making HYPE’s volume 5.8 times larger.

HYPE’s trading volume accounted for 35.2% of Bithumb’s total 24-hour trading volume of approximately 838.96 billion Korean Won. This means that for every three Korean Won traded on the platform, over one Korean Won was attributed to HYPE. Following HYPE were USDT with 90.47 billion Korean Won, XRP with 64.26 billion Korean Won, Bitcoin with 51.37 billion Korean Won, XPL with 43.77 billion Korean Won, and Ether with 35.46 billion Korean Won. It is important to note that 24-hour trading volumes are calculated on a rolling basis, and figures will vary depending on the specific time of measurement.

Ten-Minute Trading Frenzy on Bithumb

A particularly intense period of trading activity was observed on the morning of November 11th. Bithumb’s one-minute candlestick charts indicate that from 10:19 AM to 10:28 AM Korean time (9:19 AM to 9:28 AM Taipei time), ten consecutive candlesticks showed opening and closing prices of 96,500 Korean Won, which is approximately $71.9 USD. During this ten-minute interval, the intraday price range fluctuated between 96,350 and 96,550 Korean Won.

The trading volume for each minute within this ten-minute window was sequentially 19.5 billion, 21.6 billion, 7.5 billion, 45.0 billion, 107.4 billion, 128.1 billion, 55.5 billion, 189.4 billion, 278.7 billion, and 255.8 billion Korean Won. The total volume for this period amounted to approximately 1,108.6 billion Korean Won (about $82.6 million USD), with roughly 1.149 million HYPE tokens traded. This contrasts sharply with the preceding minute (10:18 AM Korean time), which saw only 0.69 billion Korean Won in volume, and the subsequent minute (10:29 AM Korean time) with 0.25 billion Korean Won. In the 30 minutes prior to this surge, total trading volume was less than 0.6 billion Korean Won.

The cumulative trading volume for HYPE on Bithumb on November 11th, from midnight to 4:20 PM Korean time, was 1,145.9 billion Korean Won. The ten-minute trading frenzy accounted for 96.7% of this total, meaning almost all of the day’s HYPE trading occurred within that brief period. This volume also represented approximately 37.5% of HYPE’s total trading volume since its listing.

Upbit Sees Significantly Lower Volume for HYPE

In contrast, Upbit, which also listed HYPE on the same day, did not experience a similar trading surge. Upbit’s announcement stated that HYPE trading was scheduled to commence at 3:00 PM Korean time on November 10th, with trading pairs available in Korean Won, BTC, and USDT. The announcement described Hyperliquid as an on-chain trading platform built on its own Layer 1 blockchain.

According to Upbit’s public API, as of 3:20 PM Taipei time on November 11th, HYPE’s 24-hour trading volume on Upbit was approximately 7.41 billion Korean Won, which is about 40 times less than Bithumb’s volume during the same period. Bitcoin’s trading volume on Upbit was 118.47 billion Korean Won, 2.3 times that of Bithumb. HYPE’s volume on Upbit represented only 6% of Bitcoin’s volume on the same exchange. During the ten-minute trading surge on Bithumb, HYPE’s total trading volume on Upbit was approximately 0.28 billion Korean Won, with prices ranging between 97,150 and 97,600 Korean Won.

Bithumb’s Promotional Activities for HYPE

Bithumb announced promotional activities for HYPE on November 10th. The exchange is waiving trading fees for the HYPE Korean Won market from the start of trading until 4:29 PM Korean time on November 13th. Bithumb is also hosting a promotional event with a total prize pool of 100 million Korean Won (approximately $75,000 USD). This includes a 70 million Korean Won trading competition spread across three rounds on November 10th, 11th, and 12th. Users who register and trade at least 10 million Korean Won in each round will receive rewards, with additional bonuses for the top five traders by volume.

An additional 30 million Korean Won is allocated to users who make a net deposit of HYPE exceeding 10 million Korean Won from external sources and then sell it through limit orders totaling at least 10 million Korean Won. The announcement detailed the rules of these promotions but did not specify any impact on trading volume.

Key Takeaways:

• HYPE’s Trading Volume on Bithumb: As of 3:20 PM Taipei time on November 11th, HYPE’s 24-hour trading volume on Bithumb reached approximately 295.59 billion Korean Won, 5.8 times that of Bitcoin.
• Bithumb’s Promotions for HYPE: Bithumb is offering zero trading fees for HYPE’s Korean Won market until November 13th and has launched a 100 million Korean Won promotional event involving trading and deposit incentives. The announcement did not mention any specific impact on trading volume from these promotions.