Hyperliquid, yesterday emptied the Binance arb-usdc hot wallet.

After pulling to 7.1, it finally retraced a little bit, currently holding at 6.8.

It's impossible to get out of the original position; I personally don't have much in airdrops and am reluctant to sell, and I also feel like what I bought is too little, so I don't want to sell.

http://app.hyperliquid.xyz/join/ZKSGU

1️⃣ Regarding valuation

Many people are confused about the 6 billion FDV of 2b; in fact, compared to perp dex, it is indeed overvalued, but for a top-tier layer, it is still undervalued.

If you think 35b (sui) or 140b (sol) is not much of a multiple, then you might consider buying purr (official mascot), jeff (founder's namesake meme), and so on strict spot, or you can mine gold in All...

In the future, there will be more projects deployed on hyper, because you saw yesterday's TGE, such a large-scale genesis distribution transaction had no stalls or delays, just needed to refresh to trade $hype, basically all manual ordinary users could buy at the market price of $2.8.

2️⃣ Why it’s rising

If you say how much buying pressure there is, that is just bragging. This is almost the only place to trade hype, and you can see the volume has been shrinking.

The reason for the price surge is very simple, simply because no one is willing to sell. If you carefully observe the order book, you will often see price differences widening to even $0.1, like in the picture below, but almost every time after a stalemate, the buy orders compromise and push up.

Right now, hype is completely a seller's market, characterized by low liquidity pull-up; chips like mine that will never be sold will not flow into the market, so it's very hard to calculate how much the 'circulating market value' really is.

As the profit-taking from airdrops continues to exit and the buying cost keeps getting higher, the chip structure is also becoming healthier.