According to CoinMeta, Hyperliquid surpassed Pump.fun in terms of transaction fees last year, generating $6.5 million in fees within the past 24 hours, while Pump.fun generated $1.5 million. Hyperliquid still leads Pump.fun in terms of revenue and daily active users, and the HYPE token reached a new historical high of $82.43 during this period. As more traders turn to leveraged markets, the number of active users on Hyperliquid also reached approximately 102,800, slightly higher than Pump.fun's 95,200. Market volatility is one of the main reasons for the increase in fees on Hyperliquid; recently, a Bitcoin position worth nearly $25 million was liquidated on Hyperliquid. Although Pump.fun recently introduced 0% transaction fees, these are mainly focused on its meme token, which may lead to a decrease in its fee revenue.