HYPE, also known as HyperliquidX, rallied more than 23% from the $60 resistance level to approximately $72, after earlier rising 18.5% to $69.78 and becoming the top gainer among the top 100 coins. The move followed Hyperliquid Policy Center's submission of a framework to the U.S. Securities and Exchange Commission for pre-IPO futures, or IPO perpetual contracts, while market participants speculated about a potential U.S. expansion. The products would provide directional exposure to a company's expected valuation before listing without conveying shares, allocation rights or voting power. Hyperliquid's platform remains inaccessible to U.S. users, and its proposed regulatory path raises questions about classification, disclosure, leverage, settlement, manipulation and investor protection. HYPE approached its approximately $76.97 all-time high recorded in June 2026. Prediction-market pricing put the probability of HYPE reaching $100 by the end of 2026 at 47.5% YES, although that market reflects expectations rather than a confirmed outcome.