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Home” Markets” Hyperliquid’s HYPE token rises past $10 billion market cap
by
Estefano Gomez
Dec. 20, 2024
Hyperliquid accomplishes a $10 billion turning point as HYPE token reaches $30 per token.
Picture: Hyperliquid
Secret Takeaways
- Buzz exceeds $10 billion market cap, getting in the leading 25 coins by market capitalization.
- Hyperliquid’s HYPE token rises 20% in one day, reaching a brand-new all-time high of $30.
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Hyperliquid’ s native token HYPE went beyond a$10 billion market capitalization, with its cost going beyond $30 per token.
This turning point comes amidst more comprehensive market volatility following Fed Chair Jerome Powell’ s hawkish speech on Wednesday.
HYPE/USDC Market Cap chart (TradingView)
While Bitcoin fell from its all-time high of $108,000 to $92,000 the other day—– an almost 15% decrease—– and lots of altcoins experienced drops surpassing 25%, the marketplace has actually because revealed some healing, with Bitcoin trading around $97,000.
In the exact same duration, HYPE token likewise saw some losses however has actually now risen over 20% in the previous 24 hours, going into the leading 25 coins by market cap.
Hyperliquid is on the brink of getting in the leading 20 coins by market cap, presently simply listed below Polkadot, which has a market cap of $10.5 billion.
At press time, Hyperliquid stands at $10.2 billion and might possibly turn Polkadot in the coming days.
The token’ s increase follows among the most expected token airdrops of the year, with the platform dispersing 310 million tokens to Hyperliquid users, making it the biggest airdrop in crypto history.
This circulation exceeded Uniswap’ s UNI airdrop from September 2020, which had actually formerly held the title as the most significant airdrop, peaking at $6.4 billion in worth in May 2021.
Hyperliquid has actually tape-recorded $13.7 billion in 24-hour trading volume and $561 billion in overall volume, according to DefiLlama information.
Among the factors for Hyperliquid’ s success is its removal of gas charges for deals.
In addition, the platform keeps low charges on continuous agreements and opening trades, which are reinvested into the environment through token buybacks or by supporting community vaults.
This design, integrated with its ease of usage and quick user interface, has actually made Hyperliquid the label “ decentralized Binance.”
Structure on this success, with its token now valued at $30, Hyperliquid has actually shown its possible as a leader in the DeFi area.
Looking ahead, Hyperliquid is preparing to improve its community even more with the launch of its Ethereum Virtual Machine (EVM) combination, HyperEVM, presently in its testnet stage.
This upgrade will present Ethereum-compatible clever agreements, improving cross-chain abilities and broadening DeFi applications within the platform.
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