HYPE jumps 5% as token burn offsets $316 Million unlock, JUP gains weekly on supply freeze

CoinDesk

by Sam Reynolds

March 2, 2026

AI-Generated Deep Dive Summary

The HYPE token has surged by 5% over the past week, driven by increased trading activity on Hyperliquid's decentralized exchange. Despite concerns about an impending $316 million token unlock, which could have diluted the market supply, traders remain optimistic due to Hyperliquid's aggressive token burn strategy. The protocol burned $9.22 million worth of HYPE tokens over the past week, a 20% increase from the previous period, signaling a commitment to reducing circulating supply and maintaining price stability. Hyperliquid's fee mechanism allocates a portion of its revenue directly to token buybacks and burns, which has significantly boosted its tokenomics. Over the last seven days, Hyperliquid generated $13 million in fees, with $2.8 million allocated to HYPE token destruction. This contrasts sharply with the broader market, where Bitcoin dropped 0.7% to $66,700, and the CoinDesk 20 Index fell by 1.7% to 1,937 points. The weekend's surge in activity was fueled by bullish bets onTradFi-linked futures amid escalating tensions in the Middle East. Meanwhile, Jupiter's JUP token has also gained traction, rising 13% over the past week. This growth is attributed to a governance vote that froze new emissions for 2026, preventing any additional tokens from entering circulation this year. The move aligns with the broader trend of

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Originally published on CoinDesk on 3/2/2026