Hyperliquid Token Hits $10 Billion Milestone: Here’s What to Know

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As the crypto world keeps on changing and new cryptos take the spotlight. This time, HYPE token of Hyperliquid has community attention. It recently crossed a $10 billion market cap as the price soared past $30. In a volatile crypto market this is not just a financial milestone, but it shows how HYPE is redefining the DeFi space. Taking a 40% jump in the last 24 hours, HYPE positioned itself on rank 19 in the coinmarketcap.

Let’s explore what exactly this token is and why it is in the center of attention.

HYPE’s Rapid Rise: What’s the Secret?

In just 24 hours, HYPE surged over 40%, climbing to 19th place by market capitalization. Its trading volume is also up by 53.03%. What’s interesting is the token’s limited supply—only 270.9 million HYPE are in circulation out of a 1 billion max supply. This scarcity likely plays a big role in its skyrocketing value.

Meanwhile, the broader market isn’t doing as well. Bitcoin tumbled from $108,000 to $92,000 after a speech by Fed Chair Jerome Powell. Other altcoins lost over 25% before rebounding. But HYPE? It’s thriving.

The Airdrop That Changed Everything

HYPE’s success isn’t just luck. It started with the biggest crypto airdrop in history. Hyperliquid distributed 310 million tokens to over 94,000 eligible addresses . So far, 270 million tokens have been claimed, worth around $8.9 billion. That’s bigger than Uniswap’s record-breaking 2020 airdrop, which peaked at $6.4 billion.

The platform’s unique approach is part of the story. With $2.62 billion in total value locked, Hyperliquid reinvests fees into buybacks and ecosystem vaults. This keeps trading costs low and users happy.

What’s Next for Hyperliquid?

Hyperliquid isn’t stopping here. It’s about to launch HyperEVM, a feature that adds Ethereum-compatible smart contracts to its ecosystem. This will make it easier to build cross-chain apps, which could expand its influence in the DeFi space.

The platform has also earned a reputation for speed and efficiency. Some even call it a “decentralized Binance.” With its innovative fee structure and rapid transaction finality, it’s no wonder Hyperliquid is gaining ground.

As the crypto market evolves, projects like this are shaping what DeFi can be. Could HYPE challenge giants like Polkadot? It’s not impossible. One thing’s for sure—this is a project to watch.