Hyperliquid Breaks Records with $22 Billion Trading Day
The decentralized exchange Hyperliquid broke new ground with $22 billion in trading volume in just 24 hours. The inclusion of meme coins TRUMP and MELANIA, coupled with interest in the HYPE token, has positioned Hyperliquid as a key player in the DeFi market.
On this page
The decentralized exchange Hyperliquid reported on X that its 24-hour trading volume soared to $22 billion by 6 a.m. Kyiv time on Monday, setting a new record. This achievement surpasses their earlier milestone of $21 billion, recorded only a day prior. The platform also noted $4.7 billion in open interest and $9.5 million in protocol revenue.
On January 18, Hyperliquid reached its all-time high in perpetual trading volumes at $19 billion, per DefiLlama data. Over the following days, trading volumes remained elevated, with $15.6 billion recorded on Sunday and $13.4 billion on Monday.
The rise in activity corresponds to the listing of meme tokens Official Trump (TRUMP) and Melania Meme (MELANIA), linked to the Trumps. Hyperliquid enabled users to trade these tokens with 3x leverage, amplifying interest among speculators.
Both tokens, however, took a nosedive on Monday as Trump’s first day in office brought no significant crypto-related developments, failing to meet market expectations.
Hyperliquid’s proprietary Layer-1 blockchain has earned it a reputation for low-cost transactions, lightning-fast speeds, and a streamlined user experience reminiscent of centralized exchanges.
The platform handled over $235 billion in perpetual trading volume last month, capturing a significant share of the $369 billion recorded across perpetual protocols industry-wide.
According to DefiLlama, Hyperliquid holds the fifth spot for total value locked (TVL) among decentralized derivatives platforms, ranking just below Jupiter Perpetual Exchange, Drift Trade, GMX, and dYdX.
Hyperliquid’s Historic HYPE Token Airdrop
On November 30, 2024, Hyperliquid solidified its place in crypto history by conducting one of the largest airdrops ever recorded. As part of the Token Generation Event (TGE) for its HYPE token, the platform rewarded active participants with generous token distributions.
In total, 310 million HYPE tokens were airdropped to almost 200,000 eligible addresses. At a market price of $3.90 per token, the airdrop's value reached a staggering $1.2 billion.
In a matter of days, the value of HYPE soared 350%, crossing the $14 threshold. This meteoric rise brought the total value of the airdrop to $4.3 billion, ranking it among the biggest airdrops ever recorded.
Check out: “The Biggest Retroactive Airdrops in Crypto History”
With an average allocation of 2,915 HYPE tokens, recipients saw their holdings worth $40,000 at the token’s peak.
Following a stable week at $14, HYPE experienced a remarkable rally, reaching $35.7 at its peak. This milestone marked it as a standout Tier-1 project, capturing the attention of the entire crypto space in 2024.
As Hyperliquid garners increasing interest, HYPE is being viewed as more than just a trading token—it’s becoming an investment asset. Currently trading at $22, technical analysis suggests the token is consolidating within a $20-$22 range.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
