HYPE, the native token of HyperLiquid, has increased by more than 11% since its launch, reaching a price of $4.4, pushing the FDV to $4.2 billion.
The newly launched token of Hyperliquid, a decentralized derivatives trading platform and Layer 1, has increased by more than 11% since the Token Generation Event (TGE) with the current price reaching $6.88.
This price increase has pushed the Fully Diluted Valuation (FDV) to around $4.2 billion. There are currently over 333 million tokens in circulation out of a total supply of 1 billion, putting the market capitalization of HYPE at around $1.4 billion.
The total supply of HYPE will be capped at 1 billion tokens. After the token issuance event, 31% (equivalent to 310 million) of the tokens have been distributed to eligible users through Airdrop.
Accordingly, HYPE is distributed through Airdrop, where eligible users have accumulated reward points over a six-month period until May. Each accumulated point helps the user receive 5 tokens.
Despite selling pressure from Airdrop recipients, the demand for HYPE remains higher than the supply, indicating a positive market sentiment and a strong upward trend.
Many users have shared about their significant profits from the Airdrop on X. One user said they earned over $300,000 from the Airdropped tokens. Another shared a screenshot with the caption "I also received a large amount," indicating they had earned over $18,000.
HYPE plays a crucial role in the Hyperliquid ecosystem, enhancing the utility and decentralization of the platform. Users can stake HYPE to secure HyperBFT, the optimized proof-of-stake consensus mechanism, and HYPE is also the gas token for HyperEVM, the execution environment of the network, to pay for transaction fees.
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The article Hyperliquid Airdrop More Than $1.2 Billion HYPE to Users first appeared on CoinMoi.
