Hyperliquid’s HYPE Token Soars Past $1.6 Billion in Market Cap
On November 29, Hyperliquid unveiled its native token, HYPE, during a token generation event. The coin has since reached a market cap of $1.6 billion, securing 80th place in the global rankings and outpacing tokens like Jupiter, Lido DAO, and Flow.
On this page
HYPE Token Market Cap Hits New Heights. Source: coingecko.com
Hyperliquid allocated 31% of its total token supply—310 million HYPE—to a retroactive airdrop, potentially making it one of the year’s largest. Valued at $5 per token, this airdrop distributed $1.5 billion worth of assets to platform users.
What set Hyperliquid apart was its commitment to decentralization. Eschewing centralized exchanges, the team opted to list HYPE solely on its internal platform operating on the Arbitrum network. This strategy paid off, as HYPE’s price climbed to $5, generating $375 million in trading volume within half a business day.
HYPE Trading Heats Up on AEVO. Source: app.hyperliquid.xyz
AEVO’s derivatives platform has introduced futures for the HYPE token, making waves in the trading community. Within a single day, HYPE emerged as the most traded asset on the exchange, generating over $8.5 million in volume.
HYPE Token Volumes on AEVO. Source: aevo.xyz/
Hyperliquid’s roadmap includes developing its own blockchain, where HYPE will serve as the network’s native currency. For further details on HYPE’s tokenomics, explore our comprehensive report.
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
