HYPE token soars over 230 Percent after historical airdrop
The HYPE token has increased by more than 230% since its token generation event (TGE) on November 29. CoinGecko data shows that the token, which is currently trading at $12.96, has increased by over 46.3% over the past day.
Hyperliquid’s HYPE token continues to increase since after TGE launch
The Hyperliquid Network began airdropping 310 million hype tokens to qualified community members on November 29 as part of its native token launch. The project distributed a staggering $1.2 billion in Hype tokens, with the TGE launch price of HYPE tokens being $3.90. Twelve hours after launch, hype tokens saw a 63% increase in value, trading at $6.16 with a market valuation of almost $2 billion.
As of the time of writing this report, the token's fully diluted valuation (FDV) is approximately $13 billion due to its sharp price increase. The current market capitalization of HYPE is over $4 billion, with 333 million tokens in circulation out of a maximum supply of 1 billion. The token's 24-hour trading volume, which surpassed $267 million, shows the demand from investors.
DeFiLlama data indicates that Hyperliquid has become the most popular decentralized perpetual swap platform in terms of trading volume and total value locked.
Introduction of Hype DEX by HyperLiquid
The high trading volume around HYPE's launch, according to Anmol Singh, co-founder of Zeta Markets, is clearly the result of the increasing popularity of perpetual platforms and decentralized exchanges. Singh pointed out that DEXs are quickly overtaking centralized exchanges as the go-to option for token launches, which have been criticized for their lack of community alignment and transparency.
What is Hyperliquid?
Hyperliquid is a decentralized finance protocol that uses a proof-of-stake consensus mechanism to function on a layer 1 blockchain for perpetual future trading. The platform is renowned for providing advanced orders, up to 50x leverage, access to more than 20 underlying assets, and copy trading. It also has an impressive capacity of 200,000 transactions per second.
What is HYPE token?
Hyperliquid currently has over 220,000 users, and with the introduction of its native token, that number will only increase. The network's DEX generates an insane volume of trades, and it won't be long before top exchanges start listing the native Hyperliquid token.
HYPE is extremely important to the HyperLiquid ecosystem, fulfilling a number of roles that improve the platform's decentralization and usefulness. Furthermore, HYPE facilitates transaction fees as the native gas token for the HyperEVM, the network's execution environment.
One of the largest airdrops in history
The airdrop from Hyperliquid is among the largest in DeFi's history. Hyperliquid gave its community 310 million HYPE tokens, making it one of the largest airdrops in history.
In 2023, the Arbitrum protocol conducted an airdrop, distributing its native Arbitrum token to more than 625,000 eligible wallets for a total of $812,500, which is valued at about $1.30 per wallet on the market.
Disclaimer
This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.