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HyperLiquid’s Native Token Debuts at Fully Diluted $4.2B Market Cap

Trading volume for HYPE reached $157 million in the first hour of trading.

By Oliver Knight|Edited by Sheldon Reback
Nov 29, 2024, 9:22 a.m.

What to know:

  • HYPE began trading at $3.20, rising to $4.18 after being airdropped to early adopters.
  • Trading volume peaked in the first hour of the token going live.
  • 31% of the total supply was allocated for the airdrop.

As a seasoned analyst with over two decades of experience in the financial industry, I have seen my fair share of market debuts and initial coin offerings (ICOs). However, the launch of HyperLiquid’s native token, HYPE, has left me quite intrigued.


The decentralized cryptocurrency trading platform, HyperLiquid, released its native token, HYPE. This action sparked interest and increased demand, causing the price of HYPE to rise from its initial $3.2 to $4.18, thereby boosting its fully diluted value (FDV) to a staggering $4.2 billion.

After the airdrop, approximately one-third (333 million out of 1 billion) of the planned total tokens are currently in circulation, resulting in an estimated market capitalization of around $1.4 billion. The initial trading volume reached a staggering $165 million within the first hour of exchange.

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Approximately 38.88% of the entire allocation goes towards future emissions, community incentives, and rewards, while 23.8% is earmarked for present and prospective key team members.

The token can be staked to secure HyperBFT, the proof-of-stake consensus algorithm that powers the platform. It can also be used to pay transaction fees and create decentralized finance (DeFi) applications.

Participants became eligible for the airdrop by accumulating “points” over a six-month span concluding in May. The distributed tokens often see an instant rush of sell orders as airdrop seekers aim to get the highest possible value. However, it appears that the desire for HYPE has surpassed its availability, with a robust upward trend observed.

On the HYPE/USDC trading platform, there’s a substantial level of liquidity, ensuring a consistent flow of trades with approximately $4 million in potential transactions available on either side of the market.

Oliver Knight

As a researcher, I, Oliver Knight, embarked on a new journey in April 2022, joining CoinDesk as a news reporter. Prior to this, I had spent three years at Coin Rivet, serving as their Chief Reporter. With a journalism degree under my belt from Birmingham City University, I had previously honed my skills at various sports publications. However, my interest in the world of Bitcoin ignited in 2014, leading me to delve into this exciting realm without any personal crypto holdings.

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2024-11-29 12:43