🚀 $HYPE 8X Pump, Buy or Bye?

$HYPE has already 8x’d, but behind the scenes? Institutions are still buying. FDV hit $38B. A biotech firm just added $HYPE to its treasury. This might be the first DEX that actually replaces a CEX. Right? Is $HYPE.X ( ▼ 2.44% ) already too late or are we still early to the monster?

Here’s what we got for you today:

• ⭐ 5 Things You Shouldn’t Miss

• 💵 USDe Just Cracked the Top 3 Stablecoins Globall …

• 🔥 $HYPE x8 From the Bottom. Too Late to Enter or …

• 🤡 Meme Of The Day

⭐ 5 Things You Shouldn’t Miss

🚨 Succinct just went live on mainnet and launched its token $PROVE.X ( ▼ 2.89% ) – and it’s already trading on Binance, Coinbase, Upbit, Bitget, MEXC, Gate with volume hitting $460M in 24h. About Succinct Prover Network. They’re pushing big community incentives via PROVE airdrops with 15M PROVE & 100 PROVE for every Binance Alpha user.

💰 While most people are running away from NFTs, according to DappRadar (03/2025), trading volume on top collections has plunged by 95%. Adam Weitsman, a scrap metal tycoon, just bought over 5,000+ NFTs directly tied to the Otherside metaverse project from Yuga Labs. His goal? Help bring Otherside back to life!

🏛️ Trump is about to sign an executive order to punish banks that cut off crypto firms or conservative users → ordering them to investigate if banks broke laws by “debanking” people unfairly. This move aims to reverse the Biden-era “Operation Choke Point 2.0” and restore fair access to financial services for crypto startups.

🧐 After offloading ~$897M ETH in July, the $ETH.X ( ▼ 2.04% )  ICO Whale #100 just made a move that broke a 2-year pattern. They withdrew 13.6K ETH (~$47M) from exchanges. Latest move: 2,850 ETH (~$10M) pulled from Kraken. They’re still holding ~59.7K ETH worth ~$212M. Whale has flipped. Has the market found its bottom yet, fam?

🆕 PumpFun launched a public revenue tool that tracks their daily revenue & buyback program -> even though whales spotted clear buyback earlier. In the last 6 days alone, they’ve bought back ~8,740 $SOL.X ( ▼ 2.41% ) worth of $PUMP.X ( ▼ 12.31% ) . Since then, $PUMP price has rebounded ~37% from the bottom (after dropping to 1/3 of its ATH).

💵 USDe Just Cracked the Top 3 Stablecoins Globally

In just 3 weeks, USDe’s market cap soared +75% - from $5.5B → $9.5B, officially surpassing $USDS.X ( ▼ 0.04% ) to become the #3 stablecoin in the world, right behind $USDT.X ( ▼ 0.03% ) ($164B) and $USDC.X ( ▼ 0.0% ) ($63B)!

🧾 What is USDe? It’s a yield-bearing stablecoin issued by Ethena Labs, launched in early 2024.

And now, just over a year later:

• $9.5B market cap (as of Aug 5, 2025)

• Gained $4B in just 3 weeks

• Surpassed USDS in market cap

• Fastest-growing stablecoin on record

At the same time, TVL on Ethena has climbed to $9.7B, making it one of the top 6 DeFi protocols globally → signaling serious user demand and capital inflow.

📈 Trump’s New Stablecoin Law + U.S. Expansion Strategy

→ USDe’s 75% surge in market cap isn’t a coincidence, it’s part of a well-timed legal + strategic move into the U.S. market.

On July 18, 2025, President Donald Trump signed the GENIUS Act - the first legal framework in the U.S. for USD-pegged stablecoins.

Immediately after that:

• Ethena partnered with Anchorage Digital (a federally licensed digital asset custodian)

• They announced USDtb, a new GENIUS-compliant version of USDe

• Initial supply: ~$1.5B

This move legally anchors Ethena in the U.S., while still allowing its yield-bearing model to operate but through a cleaner, regulator-friendly structure.

🔐 How USDe is Different From UST. Remember Terra UST? It collapsed in 2022 due to poor design.

USDe is built on a much safer model, it uses delta-neutral strategy – Backed by on-chain assets (USDT, BTC, etc.) – Maintains short perpetual positions on derivatives exchanges

→ Result: Price stays near $1 even in volatile markets. Plus:

• Assets are diversified across partners

• 3rd-party audits in place

• Liquidity spread across major exchanges
  → All built to avoid UST-style collapse

USDe’s biggest magnet is 10–19% APY, way above U.S. Treasury yields. Yield is generated through: Staking + Funding rates on derivatives platforms

sUSDe, the staked version of USDe, is trading above $1 (between $1.08–$1.19). Total supply of sUSDe has now exceeded $5.2B → meaning most holders are choosing to stake and earn, not just hold.

📈 Ethena’s TVL Just Hit $9.7B. Now Top 6 Globally

The DeFi world is watching closely. Ethena’s TVL has exploded, officially placing it among the top 6 DeFi protocols worldwide, according to DeFiLlama.

Its growth started mid-July, right when USDe market cap surged → signals strong investor confidence not just in the stablecoin, but the entire Ethena ecosystem.

Top protocols by TVL now include: Lido, EigenLayer, MakerDAO… and now Ethena joins the leaderboard.

But it’s not without risk. Per research by DLNews:

• 55% of Ethena’s collateral (~$4.7B) is deposited into Aave

• Strategy: maximize yield through rehypothecation - reusing collateral to earn more yield

• Risk: if there's a sudden wave of withdrawals, it could trigger liquidity crises across Aave or Ethena itself

Firms like Chaos Labs have already warned that in a volatile market, collateral could become locked, leading to cascading risk.

Ethena is responding:

• Building a risk oracle

• Will monitor liquidity health

• Adjust APYs in real time to discourage panic withdrawals

Meanwhile… $ENA.X ( ▼ 6.19% ) token is pumping, +130% in the past month. Market cap now ~$3.9B

But there’s an upcoming unlock of 171M ENA tokens, which could lead to short-term sell pressure.

In just a few weeks, they’ve gone from quiet momentum to full-blown breakout. They've built smart. They've timed their moves well. And they’ve gained serious traction from users and investors alike.

🔥 $HYPE x8 From the Bottom. Too Late to Enter or Just Getting Started? 

$HYPE.X ( ▼ 2.44% ) price has already multiplied 8x, but the numbers behind it are still turning heads:

$HYPE now dominates with over 70% market share in its segment. Trading volume? Dozens of times higher than other DEXs → it’s not just hype, it’s actual usage.

And despite the crazy gains, institutional money is still flowing in. Has $HYPE pumped too far, too fast or are we still early in a much bigger trend? 👀

Let’s see:

1️⃣ No more competition, Hyperliquid just left the rest behind

If you’ve been tracking Hyperliquid since the alpha phase, you already know: This isn’t some project that drops a feature and disappears.

They’re building a full strategic ecosystem and they’re doing it step-by-step to dominate the on-chain perp market.

The numbers speak for themselves: TVL is now over $2.1B, that’s 4x growth since the start of the year, despite market turbulence across altcoins.

The main driver? Their perp DEX, which is now eating the entire on-chain perp market.
In the past 24 hours alone:

• Hyperliquid processed ~$9.789B in volume 
  = 70%+ of all perp DEX volume

  = Nearly 10x edgeX ($939M)

  = And 28x GMX ($326M)

👏 That’s a total gap. Not try zooming out: Over the last 30 days, Hyperliquid has done ~$336B in volume, and now processes 15x more than the combined volume of all smaller perp DEXs.

And no one’s even close to closing that gap.

2️⃣ Smart money buying or selling? The $HYPE story gets deeper

From ~$6.5 at the end of 2024 to ~$38 now, $HYPE has 8x’d, a level where most funds would normally take profit or reduce risk.

🤡 Meme Of The Day

We read your emails, comments, and poll replies daily

Hit reply and say Hello – we'd love to hear from you!

Like what you're reading?

And if you’ve got a friend deep in crypto (or just getting started), feel free to forward this to them. They can sign up here.

Cheers,

The Crypto Fire

This newsletter is for informational purposes only and should not be considered investment advice. Traders should conduct thorough research, understand the risks, and carefully evaluate their decisions before investing in cryptocurrency.