- HYPE SWPE hits 1.96 as 30-day revenue stays robust at $3.48M, showing strong earnings despite lower valuation.
- Hyperliquid Strategies closing nears with $305M to deploy and $1B raise planned, boosting market activity.
- SWPE declines steadily since July while revenue stabilizes above $3M, highlighting consistent protocol growth.
HYPE protocol is capturing investor attention as its Supply Weighted P/E (SWPE) ratio reaches an all-time low. Analysts note that despite declining valuation, protocol earnings remain robust.
McKenna, a crypto analyst on X, reported that after Paradigm staked the majority of their HYPE, SWPE now sits at 1.96, while the 30-day revenue average stands at $3.48 million. The data focuses on the “Ready-for-Sale” supply, highlighting the protocol’s evolving market dynamics. Additionally, McKenna emphasized that Hyperliquid Strategies Inc’s closing is imminent, with $305 million ready for deployment and a planned $1 billion raise post-closing.
The analyst noted, “Path to $100 has never been clearer,” while cautioning that token unlocks remain a variable. Investors can now model potential supply changes for HYPE’s one-year core contributors. Consequently, the protocol demonstrates resilience amid market adjustments, maintaining revenue strength despite valuation fluctuations.
SWPE and Revenue Trends: February to November 2025
HYPE’s SWPE ratio dropped below 3 in early March 2025 after starting the year close to 4.5 in February. Protocol revenue decreased from $3.8 million to about $2.5 million during this time. SWPE ranged from 3 to 5.5 between March and May, while sales decreased and fell below $2 million in late April. The ratio increased dramatically between May and July, momentarily surpassing 6 in mid-July. Revenue, however, stayed steady at $2.5 million until progressively increasing in August.
SWPE fell gradually below 3 starting in August. In the meantime, income exceeded $3 million and by early September had reached over $3.8 million. While SWPE varied between 2 and 3.5, earnings remained above $3 million in September and October.
While revenue steadied at about $3.5 million by late October and early November, SWPE fell to 1.5, indicating sustained growth and investor confidence. Additionally, the mean SWPE line provided a long-term valuation guideline by hovering at 3.
