As a researcher with a keen interest in the cryptocurrency market and its dynamics, I find the rapid rise of Hyperliquid (HYPE) particularly intriguing. My career has been peppered with instances where I’ve seen promising projects skyrocket only to crash and burn, but HYPE seems to be bucking that trend so far.
On the OKX pre-market futures platform, Hyperliquid’s original token, HYPE, has been introduced. This allows traders to engage in futures trading a week following the Token Generation Event (TGE).
4th December saw OKX, a cryptocurrency exchange, disclose they had made available pre-trade futures contracts for the HYPE/USDT pair. This enables users to make predictions about the altcoin’s price even before it starts being traded on centralized exchanges in the spot market.
Following its initial public offering, HYPE experienced a peak of $19.65 on a future trading platform before markets opened. Later in regular trading, though, the cryptocurrency was seen at $13.70, representing a decrease of 14.38% from its record high price.
Before a new token like HYPE goes live for spot trading, pre-market trades are usually settled using USDT as collateral. In the case of HYPE, it had already completed its Token Generation Event on November 29th, but these USDT-margined contracts were still delivered beforehand.
Currently, the HYPE token is available for trading on CoinW, a central exchange. With its recent addition to OKX’s pre-market futures platform, there are whispers within the crypto community that it might soon be eligible for spot trading on OKX as well. If this happens, it could potentially trigger more price increases.
On November 29th, the decentralized exchange for perpetuals, Hyperliquid, introduced its own token called HYPE. The launch price was set at $3.90. The value of tokens given away during this event amounted to a staggering $1.2 billion. A substantial 31% of the total token supply was allocated to the community.
Just a day following the pre-market futures trading, the price of Hyperliquid (HYPE) reached a fresh peak at $13.14 on December 5th.
Public opinion about X stays overwhelmingly favorable, driven primarily by the platform’s dedication to maintaining a decentralized structure. Notably, there are no provisions set aside for investments from venture capitalists or private investors.
Moreover, the unique attributes of this DEX, including the TWAP system which breaks down significant orders into numerous smaller trades every 30 seconds and limits slippage to 3%, have garnered additional backing from the community due to these advanced features.
Previously, Hyperliquid surpassed rival platforms such as Jupiter and SynFutures, achieving an impressive daily trading volume of approximately $1.39 billion in October, according to information from DeFiLlama.
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2024-12-05 11:58