Hyperliquid distributes 310 million HYPE token airdrop
Decentralized crypto exchange and Layer 1 chain Hyperliquid has distributed its much-anticipated native token, HYPE, which was accompanied by an increase in demand that saw the price jump.
What a start. $HYPE will go down as the greatest airdrop in history.
— NMTD.HL/BTC (@NMTD8) November 29, 2024
This is all without ANY CeX liquidity. Without any VC's having bags.
Imagine when CeX's list. Either they do, or they get mass withdrawals as people flock to the next big thing in crypto since BTC.… pic.twitter.com/cQUt9R621n
The recently launched Hyperliquid token has increased in value by more than 50.83% since its token generation event earlier today, and it is currently trading at $4.83, according to CoinMarketCap.
HYPE crosses $4 billion in fully diluted valuation
Furthermore, the fully diluted valuation (FDV) has increased to roughly $4.83 billion as a result of this price movement. With more than 333 million of the 1 billion tokens in circulation at the moment, the token has a market valuation of about $1.58 billion.
One billion HYPE tokens will be the maximum amount available. Following token generation, 310 million fully unlocked tokens, or 31.0% of the total, were airdropped to qualified community members. There has been a lot of market activity since the token's launch. Strong demand was indicated by the trading volume, which exceeded $250 million in the last day.
Users benefit significantly from hyperliquid airdrops
Early users of Hyperliquid, a decentralized exchange that competes with Binance and Coinbase, could earn points by engaging in a variety of activities, including trading on spot and perpetual markets, offering liquidity, and holding ecosystem coins. By earning reward points over the course of six months, which ended in May, users were eligible to receive HYPE through a community airdrop. For eligible users, five tokens were awarded for every point earned.
An important aspect of the program was the PURR meme coin airdrop, which gave participants instant payouts of four to six figures depending on how many points they had accrued. Users were encouraged and involved by this temporary distribution until the program's official end. Additionally, Hyperliquid implemented a points bonus for users who kept using the platform naturally in an effort to encourage committed loyalty.
Demand for HYPE seems to be exceeding supply, indicating strong upward momentum and positive market sentiment, even in the face of usual sell pressure from airdrop recipients.
Platform user report gains of over $800,000 from airdrop allocation
According to reports, a cryptocurrency trader received $800,000 in Hype HYPE/USD tokens via the Hyperliquid airdrop. In addition to praising Hyperliquid for a "life-changing wealth generation event," the trader said that the airdrop was "by far the best executed and most rewarding."
Although it was viewed as a daring move, 31% of the token supply was distributed directly to users, bypassing market makers, private investors, and centralized exchanges. However, some question if this strategy might restrict overall market liquidity.
Gains of more than $300,000 were reported by a user of the decentralized derivatives exchange from their airdropped tokens, while another user posted on X a screenshot of airdrop allocation showing earnings of over $18,000.
What is HYPE?
HYPE serves a variety of purposes that improve the platform's usefulness and decentralization, making it a crucial component of the Hyperliquid ecosystem. Furthermore, HYPE facilitates transaction fees as the native gas token for the HyperEVM, the network's execution environment.
The launch of HyperLiquid's native token will increase the company's user base, which currently stands at over 220,000. Exchanges of all sizes will eventually start listing due to the massive native Hyperliquid token volume that HYPE is generating on its own DEX.
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.