Amid the ongoing bullish sentiments, where major cryptocurrencies are packed with gains, a newly launched crypto token is gaining traction with the successful HYPE Airdrop. The popular Decentralized finance (DeFi) protocol Hyperliquid launched its native token a few hours ago with a massive crypto airdrop. More importantly, the token is continuously on the rise, where the HYPE price has surged 125% within a day.

HYPE Airdrop Deliver 310M Tokens To User

The Hyperliquid airdrop is one of the biggest crypto airdrops, which went live on November 29. The team allocated 31% of the total supply, distributing 310 Million tokens worth around $1.2 billion per listing price. The team has allocated another 38.8% for future community rewards and emissions and 24% to support core contributors, maintaining the hype around the token.

Interestingly, they skipped allocating for private investigators and other relevant entities like centralized crypto exchanges and others, which was a different approach from others. The team made the official announcement on X about the HYPE airdrop going live and has invited its users to claim. The post also mentioned that all unclaimed tokens will return to Hyperliquid Treasury and later be utilized in the next crypto airdrop.

Hyperliquid $HYPE claims are now live!

All unclaimed tokens will be returned to the Hyperliquid Treasury and used in the next season. Hurry up, time is limited!

Claim your $HYPE tokens now: https://t.co/CVuZ1EKxfh pic.twitter.com/tnMmKsF4D4

— HyperIiqulds (@HyperIiquldX) November 29, 2024

The crypto community has shown quite enthusiasm about this opportunity. Here, one of the biggest whales received 508,985 tokens through the HYPE airdrop, making almost $350 million per current price. Someone commented that they had already made $300,000 in profits from the airdrop influence HYPE price rally.

HYPE Price Surged 125% But Could Drop If

The token was launched with a listing price of $3.90 and has doubled more than that in the last few hours alone. In that, it has achieved an ATH at $7.11 but dropped minorly since then. At the time of reporting, the HYPE price is $6.87, with a trading volume of $587 million, clearly indicating its high demand.

Interestingly, most crypto tokens with airdrop end up collapsing right after the launch due to building selling pressure. The same happened with the X Empire and Hamster Kombat, as their prices are struggling to this day. However, this is not the case with this token, as the price is up by 125% since its launch.

There are more than 333M HYPE tokens in circulation, which are building a market capitalization of $2.23 billion. However, this all could go in vain if the seller began selling the tokens, as with most crypto airdrops. Due to the users receiving them for free and the newly launched tokens’ high volatility, the receiver sells airdropped tokens pretty soon to make significant returns. However, that has not happened with the HYPE airdrop yet, but if it did, the HYPE price could face a strong downtrend.

What’s In There For You?

With the crypto market gaining more and more exposure and better regulations around it, the demand is constantly rising. It has now become an industry of $3.42T and much higher in its prime. However, building an image and gaining investors’ attention is challenging, especially during token launch. Some use crypto airdrop as a marketing tactic to boost the token’s performance. Hyperliquid did the same and introduced the HYPE airdrop, which distributed more than 310M tokens, eventually boosting the HYPE price to an ATH of $7.11 after a more than 125% surge within 24 hours. However, there is a risk of collapse with the selling pressure building on the token.

The post HYPE Airdrop Soars: Price Jumps 125% in a Day, What’s Next? appeared first on CoinGape.

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Filed under: News - @ November 30, 2024 10:23 am