Hyperliquid’s native HYPE token price surged by more than 100% with a $2.27B market cap.
Hyperliquid airdropped $1.6 billion worth of HYPE tokens, which is one of the largest DeFi airdrops to date.
HYPE token price witnessed a significant price surge of more than 100% in less than 24-hours after its airdrop. The layer1 blockchain Hyperliquid airdropped over 300 million HYPE tokens worth a whopping $1.6 billion to its eligible community members.
Source: CoinMarketCap
When the token was airdropped, each HYPE token was valued above $3 on Nov 29. Its price surged by more than 100% less than 24-hours later, and is currently trading above the $6.8 price level, after briefly touching $7. Its market capitalization crossed the $2 billion mark and the trading volume hovers around $628 million.
The $1.6 Billion Hyperliquid Airdrop
$HYPE, the native token of the Hyperliquid L1, is live. https://t.co/1UUU37WXUq pic.twitter.com/IYsWcAr53K
— Hyperliquid (@HyperliquidX) November 29, 2024
Hyperliquid calls the HYPE token airdrop the “Genesis Event” as the token is introduced with this airdrop. As per the official airdrop announcement from Hyperliquid, 31% out of the 1 billion HYPE tokens are distributed in the genesis event.
While 38.8% of tokens, which are undistributed, are reserved for future emissions and community rewards, 23.8% goes to core contributors to the blockchain. The announcement clarified that there will be no allocation of tokens for private investors, centralized exchanges, or market makers.
Hyperliquid genesis event stands out as the largest crypto airdrop ever, being valued at $1.6 billion. The event is one of the key milestones in the development of Hyperliquid as the HYPE tokens play a crucial role in furthering the Hyperliquid ecosystem.
$HYPE: The Top Trending Altcoin
Following the airdrop announcement and the substantial price rise of HYPE tokens in the last 24 hours, the token is trending on crypto aggregator CoinMarketCap. Ripple’s XRP is the top-most trending altcoin today, with around 20% price rise and slightly less than $2 market price.
After SolarX project’s SXCH token, HYPE acquires top third position in the trending section. Amidst the hype about the $HYPE token, the fact that Hyperliquid DeFi protocol is also trending on Google Trends as per search volume is noteworthy.
Hyperliquid is a layer1 blockchain powered by HyperBFT Proof-of-Stake consensus algorithm. It aims to achieve 200,000 TPS with 0.2 second time to transaction finality. The latest launch of HYPE token unlocks several core functionalities from staking to acting as gas token of HyperEVM.
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