Although the Hyperliquid token entered the market only a few weeks ago, its market capitalization reached $10 billion after Polkadot, making it among the top 20 cryptos. The impressive HYPE price increase recorded over the past week shows that the token has entered a premium period.
HYPE Coin Price Is Rising
Defying the crypto market’s downward trend, the HYPE token gained 63% in value during the week, reaching its highest level of $34.71. Its market value exceeded $10 billion, placing it just behind Polkadot. This rise has had a positive impact on the community.
Hyperliquid has announced several features that have attracted interest from investors. The L-1 blockchain has introduced a buyback mechanism that uses all trading fees to buy back tokens. This mechanism creates buying pressure on the token, contributing to an increase in prices.
HYPE Airdrop Success
The HYPE airdrop distributed 270 million HYPE tokens to 94,000 users, making it one of the largest crypto airdrops of 2024. The airdrop, launched in late November, increased the token price significantly, causing a 125% increase in it in a short time.
On average, eligible users received 2881 HYPE tokens, while some large investors received 508,985 tokens, making HYPE worth two million dollars.
Although the company is not listed on major crypto exchanges such as Binance, the current upward trend has increased this possibility in the early days. In addition, demand growth is expected to continue with its low futures transaction fees and constantly evolving structure.
Hyperliquid completed nominal volume of $16 billion, which is approximately 30% of Binance’s volume. This situation was dubbed “decentralize Binance” by users and triggered further user demands.
Different blockchain networks are also adopting similar buyback mechanisms, especially Ethereum $3,480.1Considering ‘s poor performance, it could have a positive impact on the industry.
With innovations in blockchain technology and investor-friendly strategies, Hyperliquid continues to maintain a strong position in the crypto market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
