CandleFocus HyperLiquid's Native Token Debuts at Fully Diluted $4.2B Market Cap
2024-11-29
Author: Content Editor
Decentralized crypto exchange HyperLiquid distributed its native token, HYPE, through an airdrop to eligible users who earned "points" over a six-month period. The token's price surged from $3.2 to $4.18 following the airdrop, resulting in a fully diluted value of $4.2 billion. Currently, there are 333 million tokens in circulation, giving the token a market cap of approximately $1.4 billion. Trading volume reached $165 million within the first hour of trading. The token can be staked for securing the platform's proof-of-stake consensus algorithm, paying transaction fees, and creating decentralized finance applications. The HYPE/USDC order book maintains a substantial amount of liquidity, with a 5% market depth of around $4 million on both sides.
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