HYPE Hyperliquid token exceeds $10 billion market cap

Key Takeaways

HYPE crosses the $10 billion market cap, entering the top 25 coins by market capitalization.
HYPE Hyperliquid token goes up 20% in one day, reaching a new all-time high of $30.

The native token Hyperliquid HYPE passed the market capitalization of $ 10 billion, with its price exceeding $ 30 per token.

The milestone comes amid broader market volatility following Fed Chairman Jerome Powell's hawkish speech on Wednesday.

HYPE/USDC market cap chart (TradingView)

While Bitcoin fell from an all-time high of $108,000 to $92,000 yesterday – a decline of almost 15% – and many altcoins suffered a drop of more than 25%, the market has recovered somewhat seen since then, with Bitcoin trading around $97,000.

In the same period, HYPE token saw some losses but it has now increased by more than 20% in the last 24 hours, entering the top 25 coins by market cap.

Hyperliquid is about to enter the top 20 coins by market cap, currently just below Polkadot, which has a market cap of $10.5 billion.

At press time, Hyperliquid stands at $10.2 billion and could turn Polkadot in the coming days.

The token's rise follows one of the most anticipated token airdrops of the year, with the platform distributing 310 million tokens to Hyperliquid users, making it the largest airdrop in crypto history.

This distribution surpassed UNI Uniswap's September 2020 airdrop, which had previously held the title as the largest airdrop, peaking 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 Data DefiLlama.

One of the reasons for Hyperliquid's success is the elimination of gas fees for transactions.

In addition, the platform maintains low fees on permanent contracts and opening trades, which are reinvested into the ecosystem through the purchase of tokens or by supporting vaults ecosystem.

This model, along with its ease of use and fast interface, has earned Hyperliquid the nickname “decentralized Binance”.

Building on this success, with the token now valued at $30, Hyperliquid has demonstrated its potential as a leader in the DeFi space.

Looking ahead, Hyperliquid is preparing to further develop its ecosystem by launching the Ethereum Virtual Machine (EVM) integration, HyperEVM, which is currently at the testnet stage.

This update will introduce smart contracts compatible with Ethereum, strengthening cross-chain capabilities and expanding DeFi applications within the platform.