Could Hyperliquid’s HYPE token hit $10 after its airdrop?

Hyperliquid value surged considerably on heavy quantity following its anticipated airdrop.

Hyperliquid (HYPE) token spiked to $4.56 from an intraday low of $3.81, boosting its market capitalization to $1.5 billion and absolutely diluted valuation to $4.58 billion. This rally pushed Hyperliquid to develop into the eighty fifth largest cryptocurrency by market capitalization.

Hyperliquid’s rally coincided with the continued cryptocurrency rally as Bitcoin (BTC) jumped over $97,000. Different top-performing cryptocurrencies have been the likes of Ripple (XRP) and Solana. It additionally jumped after being pumped by in style celebrities like Andrew Tate purchased the token.

There are rising odds that the Hyperliquid token will outperform different latest airdrops like Wormhole, zkSync, and Hamster Kombat.

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Hyperliquid is dominating perpetual futures market

Hyperliquid’s rise is tied to its robust presence within the perpetual futures buying and selling sector. Particularly, the platform has processed a cumulative buying and selling quantity of $429 billion since launch, together with $17 billion over the previous seven days, capturing a 27% market share. Comparatively, Ethereum processed $8.7 billion, and Arbitrum $5.5 billion in the identical interval.

Dominating the perpetual futures market is notable due to the quantity that exists within the trade. Information exhibits that the market dealt with quantity value $265 billion in November

Hyperliquid’s token might mirror the efficiency of different trade tokens which have accomplished nicely in recent times. Uniswap has jumped by over 200% from its lowest degree in 2023, whereas Raydium is up by over 3,000% from its 2023 lows.

One other potential catalyst for the HYPE token is its progress with out substantial assist from centralized exchanges. Analysts now count on that the majority exchanges, like Binance and Coinbase, will ultimately checklist it because of its reputation amongst buyers. Cryptocurrencies usually rally after main trade listings.

The HYPE token might additionally do nicely due to the continued cryptocurrency rally. Bitcoin might quickly soar to $100,000, whereas most altcoins have fashioned a golden cross sample, pointing to extra good points within the close to time period. Subsequently, there’s a chance that the HYPE token will soar to $10 because the crypto bull run continues.

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