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

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As a seasoned crypto investor with over a decade of experience, I’ve seen my fair share of market fluctuations and pump-and-dump schemes. However, the current Hyperliquid (HYPE) token surge is something that catches my attention. The sheer volume of transactions and the backing from prominent figures like Andrew Tate are strong indicators of its potential.

Hyperliquid price surged significantly on heavy volume following its anticipated airdrop.

The value of Hyperliquid (HYPE) tokens surged from a daily low of $3.81 to reach $4.56, which increased its total market value to approximately $1.5 billion and its fully diluted valuation to around $4.58 billion. This surge in value propelled Hyperliquid into the 85th largest position among cryptocurrencies ranked by market capitalization.

The surge in Hyperliquid’s value mirrored the broader cryptocurrency boom, as Bitcoin (BTC) hit a record high of over $97,000. Notable performers among other digital currencies included Ripple (XRP) and Solana. Furthermore, the token experienced an increase following endorsements from well-known figures like Andrew Tate.

I immediately purchased it as I act before considering, following Quant’s advice.

Worthy of investment: Is the Hype train?

— Andrew Tate (@Cobratate) November 29, 2024

It’s increasingly likely that the Hyperliquid token could surpass other recent airdrop projects such as Wormhole, zkSync, and Hamster Kombat in terms of performance.

Hyperliquid is dominating perpetual futures market

Hyperliquid’s growth is linked to its significant role within the continuous futures trading industry. Notably, since its debut, it has handled a total trading volume of approximately $429 billion, with a staggering $17 billion traded over the last week alone. This represents a 27% share of the market. In contrast, Ethereum and Arbitrum processed $8.7 billion and $5.5 billion respectively during the same timeframe.

Standing out in the continuous future market is significant due to the vast amount of transactions taking place within it. Statistics indicate that the market processed trade volumes amounting to approximately $265 billion in November alone.

As a researcher, I’ve observed that Hyperliquid’s token might follow the trajectory of successful exchange tokens from recent years. For instance, Uniswap has skyrocketed more than 200% from its lowest point in 2023, while Raydium has experienced an astounding increase of over 3,000% since its 2023 lows.

A significant factor fueling the HYPE token’s potential growth is its expansion without heavy backing from centralized trading platforms. It’s anticipated that well-known exchanges such as Binance and Coinbase will eventually feature it, given its rising appeal among investors. Historically, cryptocurrencies tend to surge after being listed on major platforms.

What a remarkable beginning! The $HYPE airdrop could become legendary as the most significant in crypto history.

— NMTD.HL/BTC (@NMTD8) November 29, 2024

The HYPE token might also experience growth due to the current surge in the cryptocurrency market. It’s possible that Bitcoin could reach $100,000 soon, while many alternative coins have displayed a golden cross pattern, suggesting potential increases in the short term. Consequently, it seems likely that the HYPE token could increase in value to $10 as the crypto market rally persists.

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2024-11-29 18:02