Although the Hyperliquid token entered the market merely a few weeks ago, it is now one of the top 20 cryptos after Polkadot, having hit a $10B market capitalization. With an impressive HYPE price rally over the week, the token has entered its prime, and here is why.
HYPE Price Hit ATH After 63% Rally
Beating the crypto market crash’s odds, the HYPE token is constant on the bullish move. Over the week, the Hyperliquid price has increased 63%, pushing the token to an ATH of $34.71. More importantly, its market capitalization has hit the $10B mark, placing it right after the Polkadot in the top 20 cryptos.
The layer one blockchain, Hyperliquid, launched its native token, HYPE, just three weeks ago and has followed a bullish trajectory. As a result, the HYPE price has risen 977% since then, impressing the community. At present, the HYPE is under a minor consolidation, currently trading at $34.47 with a 50% increased trading volume of $655.01M
Notable, the token is still missing listings on the top crypto exchanges like Binance and others, but the current surge has increased the possibility of that.
Hyperliquid’s Buyback Mechanism Fueling The Price
Hyperliquid has implemented many unique feature that investors highly appreciate. The L-1 blockchain network has introduced a fee-to-buyback mechanism, which utilizes the 100% fees of the trades to purchase tokens. This buyback eventually creates buying pressure on the token, pumping the price. Interestingly, the firm utilizes every $10K revenue to buy back HYPE tokens, per a crypto analyst, who further revealed that the blockchain had recently spent $3M to buy more Hyperliqud token, resulting in the current HYPE price rally.
Additional reports reveal that the firm has completed $16B in notional perpetual volume, which is almost 30% of the volume of Binance. With this, many users have called Hyperliquid ‘the decentralized Binance,’ where its lower perpetual fees and many other factors constantly increase demand. Interestingly, a few traders have begun urging other blockchain networks to follow similar features, especially Ethereum, as the ETH price is struggling on the charts.
HYPE Airdrop Success Favored the HYPE Price Rally
HYPE airdrop has become one of the biggest crypto airdrops in 2024 after distributing 270M HYPE among 94,000 users per ASXN data. The airdrop went live in late November and significantly pumped the token price during the launch. With that, the HYPE token surged 125% within a day. Analysts have called this a perfect marketing tactic, as they kept airdropped to limited people (94,000 only) compared to its competitor. On average, eligible users received 2881 HYPE, but a few more enormous whales have received as high as 508,985 tokens, worth $16M per current price.
What’s In There For You?
After a massive crash earlier, top altcoins began showing momentum today. However, the Hyperliquid token is way ahead of others, with a 63% surge over the week and HYPE price ATH at $34.71 after the firm spent $3M on buying back the HYPE token. The layer1 blockchain network has implemented quite a few interesting features, like the fee-to-buyback mechanism, which is constantly building the buying pressure of the token, eventually pushing the price. Moreover, the demand will likely grow with its low trading fees on perpetual contracts and constant development, further fueling its price rally.
The post Hyperliquid Joins Top 20 Crypto As Market Cap Hits $10B: Why HYPE Price Is Up 63% In a Week? appeared first on CoinGape.
