HYPE Cryptocurrency Soars 74% Amid Hyperliquid Airdrops of Over $1,2 Billion
Newly launched cryptocurrency Hyperliquid (HYPE) is leading the charge higher today, November 30, with a 74% increase. Yesterday, the token was trading at $4,62 and has started a bullish rally that peaked at $7,84 today. HYPE, the native token of Hyperliquid L1, was activated online, on November 29th.
Hyperliquid is a decentralized perpetual trading platform and Layer 1 chain. The price of its native token reacted positively to the launch or token generation event that was held yesterday by Hyperliquid. It is worth noting that the total supply of the HYPE token will be capped at 1 billion tokens.
The recent price action of HYPE has pushed the fully diluted valuation to approximately $7.8 billion. Currently, the number of tokens in circulation is over 333 million. The market capitalization of the Hyperliquid (HYPE) cryptocurrency is around $2,6 billion, with the token ranked 64th.
The developers highlighted that Hyperliquid’s vision is to create a new financial system that is fair to everyone. “All users matter, regardless of their volume or account value. Real users receive fewer points when large-scale sybil farms attempt to manipulate the system to receive more than their fair share. Investigations by different research teams have identified that over 27.000 addresses operated by approximately 100 individuals attempted to receive disproportionately more points through systematic and large-scale inorganic behavior.”
The team added, noting: “The points for these addresses were multiplied by 2% or 20% based on the scale of the sybil activity. The affected addresses include a line on the points page stating: “Sybil behavior detected.” The end result is a larger fraction of points going to real users. Additionally, 8 million points were distributed for activity in May and 8,4 million points for activity in October and early November. In total, the final number of points is 57,9 million.” wrote .
At the time of publication, Hyperliquid was trading at $7,84, up 69.9% in the last 24 hours.
What is Hyperliquid?
Hyperliquid is a high-performance L1 optimized from the ground up. The developers explained that the vision is a fully onchain open financial system with user-built applications interacting with high-performance native components, all without compromising the end-user experience.
Hyperliquid L1 has enough performance to power an entire ecosystem of permissionless financial applications – every order, cancellation, trade, and settlement happens transparently on-chain with <1 second block latency. The chain currently supports 100 orders/second.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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