Is Hyperliquid (HYPE) About to Crash -- or Just Getting Started?

Hyperliquid (HYPE) has surged 188% year-to-date and 2,185% since November 2024, primarily due to its exclusive offering of perpetual futures trading to non-U.S. customers. However, the author warns that U.S. regulatory approvals for perpetual futures trading at competitors like Coinbase and Kalshi are eroding Hyperliquid's competitive moat. With centralized exchanges and prediction markets entering the space, the author recommends investors lock in gains as the cryptocurrency's momentum is unlikely to be sustained.