A new star is rising at an astonishing speed—this is Hyperliquid's native token HYPE. Since its issuance on November 29, the value of the HYPE token has surged by more than 200%, and its fully diluted valuation (FDV) has surpassed the 12 billion dollar mark, becoming the focus of market attention.
Hyperliquid, as a decentralized perpetual trading platform and Layer 1 blockchain, has shown remarkable explosive power with the launch of its HYPE token in a short period. According to CoinGecko data, the current price of the HYPE token has reached $12.11, and in the past 24 hours, its increase has exceeded 30%. This rapid growth has not only boosted the market capitalization of HYPE but has also pushed its fully diluted valuation to a high of $12 billion.
With a total supply of 1 billion tokens, approximately 333 million HYPE tokens are currently circulating in the market, resulting in a market capitalization of around 4 billion dollars. This figure not only highlights the strong demand from investors for the HYPE token but also reflects the rising trend of decentralized perpetual trading platforms.
It is worth noting that Hyperliquid's Hype DEX has taken the lead in trading volume and total value locked since its launch among decentralized perpetual trading platforms. This achievement is not only due to the strong performance of the HYPE token but is also closely related to the growing market preference for decentralized exchanges (DEX).
Anmol Singh, co-founder of Zeta Markets, stated that the high trading volume at the time of the HYPE token's issuance is a prominent reflection of the growing significance of decentralized exchanges and perpetual platforms. He pointed out that DEX is gradually becoming the preferred platform for new token issuance, replacing centralized exchanges (CEX), which have been criticized for their lack of transparency and community consistency. Singh even predicts that by 2025, most new tokens will be issued on DEX, making it a wiser choice than CEX.
In the Hyperliquid ecosystem, the HYPE token plays a crucial role. It can be staked to ensure the secure operation of HyperBFT—a optimized proof-of-stake consensus mechanism—and to promote decentralization. At the same time, HYPE is also the native gas token of HyperEVM—the network's execution environment—used to pay transaction fees.
The rise of the HYPE token not only reflects the market's confidence in decentralized perpetual trading platforms but also signals a profound transformation occurring in the cryptocurrency market. However, while investors enjoy the benefits brought by the HYPE token, they should also remain vigilant and rationally view the market's volatility and risks. After all, in the ever-changing world of cryptocurrencies, any sudden price surge may come with the risk of a pullback.
