The HYPE token launched a week ago today continues to go from strength to strength. The native token of the new Layer-1 trading platform, Hyperliquid, is up around 200% since its token generation event (TGE) on November 29.
In what has been one of the most successful TGE and airdrops in recent memory, HYPE is now trading for just over $12. Per Coingecko, HYPE has surged over 35% in the last 24 hours alone.
At these current levels, HYPE’s circulating supply market cap is just north of $4 billion. However, its fully diluted valuation is now over $12 billion. There are currently 333 million tokens circulating from its max supply of 1 billion.
Hyperliquid Team Are Playing An Extremely Smart Game With Exchanges
In a very shrewd move, the team behind Hyperliquid has thus far refused to pay huge fees or give up HYPE tokens for CEX listings. Right now, HYPE is only available on its Hyperliquid platform. Even with the lack of CEX exposure, investors are flocking to the new layer-1, with over $260 million spot volume for HYPE alone.
Hyperliquid metrics keep trending up📈
More than $5b in daily perp volume the past three days.
Remaining community allocation now worth >$5.2b at current price.
The ticker is $HYPE https://t.co/R64m9hISYp pic.twitter.com/pI2mntgrtt
— Thor Hartvigsen (@ThorHartvigsen) December 4, 2024
Regarding the airdrop, it will likely go down as the most generous airdrop in crypto history. Hyperliquid gives away 31% of the HYPE supply to early users. This is proving to be a masterstroke alongside HYPE’s lack of CEX listings. It has led to users staying on the Hyperliquid platform to trade.
Over $300 million in daily spot trading volume has been recorded, which is impressive for a new platform. However, Hyperliquid has processed more than $5 billion in perp trading volume over the past three days.
It won’t take long for tier-1 exchanges such as Binance, Coinbase, Bybit, and OKX to cave in and list HYPE for free. Exchanges will want a slice of the sizeable volume that HYPE is producing, and the Hyperliquid team has been incredibly smart in making its platform the only place to trade the native token.
EXPLORE: Next 1000x Crypto – 18 Coins That Could 1000x in 2024
Hyperliquid TVL Skyrocketing And Is Already A Top 10 Blockchain
Per DefiLlama, Hyperliquid’s Total-Value Locked (TVL) is now over $1.3 billion, overtaking Aptos as it enters the top 10 blockchains by TVL. It has seen a rise of more than 110% over the past month, the largest gain of any network within the top 10.
HYPE plays a crucial role within the HyperLiquid ecosystem. It serves multiple functions that enhance the platform’s utility and decentralization. It can be staked to secure HyperBFT, an optimized proof-of-stake consensus mechanism that ensures network security and enhances decentralization. Additionally, HYPE is the native gas token for the HyperEVM, the network’s execution environment, facilitating transaction fees.
BONUS: CatSlap (SLAP) Continues To Soar As It Continues The Mission To Become The Number One Cat Coin
SLAP continues to fly after its incredibly successful stealth launch over a week ago. It has skyrocketed more than 36% over the past 24 hours today and 125% in the last week.
Early this morning in Europe, SLAP briefly tapped $0.01 before retracing to its current level of around $0.0075. The revival of this viral cat token was sparked two days ago when a wallet linked to US-based trading firm Jump Trading bought nearly half a million dollars worth of SLAP.
Since then, CatSlap has continued to climb, with analysts claiming that $0.01 will be breached and flipped to support in the very near future. Once this happens, the next logical goal for SLAP is $0.1, offering more than a 10x ROI from these current levels.
If $0.1 is reached, SLAP’s market cap will still be around half of POPCAT’s $700 million to POPCAT’s $1.4 billion. The ultimate goal for CatSlap is to hit that coveted $1 target, which would see the slapping cat fly past POPCAT in the process.
A 100x from here would still put SLAP’s market cap lower than that of PEPE. With better utility than both PEPE and POPCAT, coupled with a community that is growing every minute of the day, putting those two meme coins in its crosshairs makes for realistic targets.
Another explosion in price is likely to be driven by a soon-to-be-announced top-tier exchange listing.
The Catslap community has risen from 9,000 holders to over 12,000 in the last 36 hours alone. There are also 2,805 members on Telegram and 10,500 followers on X, which are growing each day.
Visit Catslap Token website or Best Wallet to buy $SLAP
EXPLORE: ONDO Crypto Skyrockets +40%: Will RWA Crypto Be The Best Performing Coins in 2025?
Join The 99Bitcoins News Discord Here For The Latest Market Updates
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.
Free Bitcoin Crash Course
- Enjoyed by over 100,000 students.
- One email a day, 7 days in a row.
- Short and educational, guaranteed!
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
Weekly Research
100k+Monthly readers
Expert contributors
2000+Crypto Projects Reviewed
