HYPE Hits 3rd Record High In A Week But Multicoin Capital Co-founder Calls It ‘Binance 2.0 Without A Marketing Team’

• Hyperliquid’s native token hit a fresh all-time high on Saturday, marking its second record high in two days.
• Forward Industries Chairman Kyle Samani called Hyperliquid “Binance 2.0 without a marketing team,” while questioning the platform’s long-term decentralization model.
• Crypto commentator DeFi Monk pushed back on the bearish view, arguing Hyperliquid could remain a strong business even without US market access and could benefit from future easing of perpetual futures regulations.

Hyperliquid (HYPE) hit a fresh all-time high on Saturday, marking its second record in two days as investors expressed sharply different views on the decentralized exchange's long-term prospects.

HYPE rose over 73% in the last 30 days, hitting three all-time highs this week alone, including records on Tuesday, Friday, and again on Saturday.

Despite the criticism, HYPE continued its rally. HYPE’s price rose over $67, up by 10% over the past 24 hours and extending gains that pushed it to consecutive all-time highs this week. Hyperliquid's market capitalization now stands above $15 billion. 

On Stocktwits, the retail sentiment around HYPE remained in the ‘extremely bullish’ zone, while chatter around it stayed in the ‘extremely high’ levels over the past day.

Critics Question The Hyperliquid Model

The rally comes amid fresh criticism from Multicoin Capital Co-founder and Forward Industries, Inc (FWDI) Chairman, Kyle Samani, who described Hyperliquid as "Binance 2.0 without a marketing team." 

The comparison to Binance (BNB), the world's largest centralized crypto exchange, is double-edged, which acknowledges Hyperliquid's scale and trading dominance, but also implies that the platform may carry similar structural risks. 

Samani argued that the platform has made thousands of technical decisions that work in a centralized environment but would struggle in a fully permissionless decentralized system. He also claimed Hyperliquid is now "many steps behind" and said major American companies would be unlikely to work with the platform. Samani left Multicoin in February this year, soon after which large wallets linked to Multicoin were rotating Ethereum (ETH) into Hyperliquid, an X user pointed out. 

Multcoin Capital co-founder Tushar Jain also bet big on Zcash (ZEC).

ICE CEO Puts HYPE On Wall Street Radar

Saturday's high came on the heels of a record set just the day before, when HYPE surged past $64 after the Intercontinental Exchange (ICE) CEO Jeff Sprecher called Hyperliquid "bigger than Nasdaq (NDAQ)" at the Bernstein Conference, describing its 11-person team as "very, very smart people." 

Sprecher also pointed to Hyperliquid's SpaceX perpetual futures market as an example of the platform's growing reach, suggesting the market surrounding those contracts could ultimately rival or even surpass the attention generated by the SpaceX IPO itself. 

The two-spot HYPE exchange-traded funds (ETFs) launched by Bitwise (BHYP) and 21Shares (THYP) added further fuel, surpassing $100 million in combined cumulative inflows since launch, according to SoSoValue data.

Bulls See Regulatory Upside

Crypto commentator DeFi Monk argued that regulatory uncertainty makes the opportunity attractive. He pointed to the global contracts-for-difference market, which handles roughly $1 trillion in daily notional volume, as a major addressable opportunity even without US market access. He also cited growing institutional connections with Coinbase (COIN), Circle (CRCL), Paradigm, Grayscale, and Bitwise as driving forces.

However, not all analysts are equally confident. On Friday, Crypto analyst Rekt Capital noted that HYPE has entered price discovery after breaking a major resistance region, but flagged that price and the Relative Strength Index (RSI), a measure of momentum and overbought conditions, are both in uncharted territory. 

He cautioned that a bearish divergence could form over time, though he added that it was too early to call bearish intent.

Read also: Cathie Wood’s ARK Takes More Profits In Robinhood, Buys KTOS And FUTU Instead

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