HYPE Price Soars; Hits $2.6B Market Cap, But Can It Sustain The Momentum?
Amid continued bullish market sentiment, the successful HYPE airdrop gained significant traction within the crypto community. It is worth noting that the DeFi protocol Hyperliquid launched its genesis event on November 29 and has now become one of the largest airdrops in history, distributing 310 million HYPE tokens to its community.
According to data from CoinGecko, the HYPE token was valued at $3.90 at the time of issuance, with a total issuance of $1.2 billion. HYPE is currently trading at $8.40, up more than 60% in the past 24 hours. Its market capitalization has reached $2.84 billion.
Under the agreement, it has allocated 31% of the $1 billion HYPE tokens in the genesis event, 38.8% of the remaining supply is allocated to future emissions and community rewards, 6% is allocated to the Hyper Foundation Treasury, 0.3 % for grants.
Core contributors will receive 23.8% of the total supply during a 1-year lock-in period, with the vesting schedule ending after 2028. Notably, Hyperliquid said in a statement that there are no allocations to private investors, centralized exchanges or market makers.
The crypto community is full of praise for Hyerliquid’s airdrop approach. Notably, one of the largest whales received 508,985 tokens through the HYPE airdrop, earning nearly $350 million at current prices. Someone commented that they had made a profit of US$300,000 from the increase in the price of HYPE affected by the airdrop.
Well-known cryptocurrency entrepreneur Evan Luthra also went on to say explain Why Hyperliquid could be the BNB of this crypto cycle. He pointed out that HYPE is the token of 2024 and its adoption rate, actual utility (gas, staking, etc.) and transaction volume will reach 100B+ market cap. He noted that while most coins make huge promises when they launch, HYPE has delivered on its promises before it even started.
Users praised Hype’s approach and stated that the HYPE Airdrop has just redefined cryptocurrency distribution and asked other projects to take note of how to complete a perfect token generation campaign.
“Thousands of users have experienced life-changing gains, but the real win is the model. No rigged markets, no internal advantages, just pure, transparent and impactful value creation.” An X user famous.
But will this momentum continue?
Worryingly, however, most airdropped crypto tokens plummeted due to selling pressure upon launch. The same goes for X Empire and Hamster Kombat, which have struggled with their prices so far. The same cannot be said for HYPE, however, with prices skyrocketing since launch.
There are more than 333 million HYPE tokens in circulation. But if sellers start selling them, as is the case with most cryptocurrency airdrops, the token’s high volatility could lead to significant returns. While this has not yet happened with the HYPE airdrop, if it did, the HYPE price could face a significant downward trend.
