Important takeaways
- HYPE exceeds a market cap of $10 billion and enters the top 25 coins by market capitalization.
- Hyperliquid’s HYPE token surges 20% in one day and hits a new record high of $30.
Hyperliquid’s native token HYPE surpassed a market capitalization of $10 billion, with its price exceeding $30 per token.
This milestone comes amid broader market volatility following Fed Chairman Jerome Powell’s hawkish speech on Wednesday.
While Bitcoin fell from its all-time high of $108,000 to $92,000 yesterday – a drop of almost 15% – and many altcoins experienced falls of over 25%, the market has since shown some recovery, with Bitcoin trading around $97,000.
During the same period, the HYPE token also saw some losses but has now gained over 20% in the last 24 hours and entered the top 25 coins by market capitalization.
Hyperliquid is on track to enter the top 20 coins by market capitalization, currently just below Polkadot, which has a market capitalization of $10.5 billion.
At press time, Hyperliquid stands at $10.2 billion and could potentially flip Polkadot in the coming days.
The token’s rise follows one of the year’s most anticipated token airdrops, with the platform distributing 310 million tokens to Hyperliquid users, making it the largest airdrop in crypto history.
This distribution surpassed Uniswap’s September 2020 UNI airdrop, which previously held the title of the largest airdrop, and peaked at $6.4 billion in value in May 2021.
Hyperliquid has recorded $13.7 billion in 24-hour trading volume and $561 billion in total volume, according to DefiLlama data.
One of the reasons for Hyperliquid’s success is its elimination of gas fees for transactions.
In addition, the platform maintains low fees on perpetual contracts and opening trades, which are reinvested in the ecosystem through token buybacks or by supporting ecosystem vaults.
This model, combined with its ease of use and fast interface, has earned Hyperliquid the nickname “decentralized Binance.”
Based on this success, with its token now valued at $30, Hyperliquid has demonstrated its potential as a leader in the DeFi space.
Looking ahead, Hyperliquid is preparing to further enhance its ecosystem with the release of its Ethereum Virtual Machine (EVM) integration, HyperEVM, which is currently in its testnet phase.
This update will introduce Ethereum-compatible smart contracts, increase cross-chain capacity, and expand DeFi applications within the platform.
