President Trump's Endorsement of Hyperliquid Token Leads to Short-Term Spike Amid Regulatory Efforts
President Trump recently endorsed the Hyperliquid (HYPE) token during a White House meeting with tech leaders, causing the token to jump 14% within two hours, from $62.23 to nearly $71. This endorsement occurred as CFTC Chairman Michael Selig is working to establish legal pathways for the Hyperliquid exchange in the U.S., including approving U.S. perpetual futures rules and opening avenues for decentralized platforms. Hyperliquid had previously filed a formal petition with the CFTC for tailored DeFi rules. However, past crypto endorsements by President Trump have shown a pattern of short-term price spikes followed by significant drops, with previous endorsed assets trading 60% lower on average today than their pre-endorsement prices. In March 2025, President Trump had initially promised a national crypto reserve including XRP, Solana, and Cardano, but the White House later limited the strategic reserve to Bitcoin alone.