Hyperliquid token has entered the market just a few weeks ago and has quickly reached a market value of 10 billion dollars, placing it among the top 20 cryptocurrencies following Polkadot. The impressive price surge of HYPE recorded in the past week indicates that the token has entered a premium phase.
HYPE Coin Price Soars
Defying the downward trend in the crypto market, the HYPE token gained 63% over the week, reaching a peak of $34.71. With a market capitalization exceeding 10 billion dollars, it has positioned itself just behind Polkadot. This rise has positively impacted the community.
Hyperliquid has announced many features that have drawn interest from users. The Layer-1 blockchain has initiated a buyback mechanism that utilizes all trading fees for token repurchase. This mechanism contributes to upward price pressure on the token.
HYPE Airdrop Success
The HYPE airdrop has become one of the largest crypto airdrops of 2024, distributing 270 million HYPE tokens to 94,000 users. Launched at the end of November, the airdrop significantly boosted the token price, leading to a remarkable 125% increase in a short period.
On average, eligible users received 2,881 HYPE tokens, while some major users acquired 508,985 tokens, valued at two million dollars.
Although the firm is not listed on major exchanges like Binance, the current upward trend increases the likelihood of this happening in the early days. Additionally, the low short-term transaction fees and the continuously evolving structure are expected to sustain the growing demand.
Hyperliquid has completed a nominal volume of 16 billion dollars, which is about 30% of Binance’s volume. This situation has been dubbed “decentralized Binance” by users and has triggered more user demand.
The adoption of similar buyback mechanisms by different blockchain networks, especially considering Ethereum 
$2,374‘s weak performance, may create a positive impact in the sector.
