- Whales are buying millions in $HYPE, driving Hyperliquid to reclaim its spot among the top 20 cryptocurrencies by market cap.
- Hyperliquid’s $HYPE token thrives on strong fundamentals, staking rewards, and whale interest, hitting a $27.2B fully diluted valuation.
- $HYPE’s meteoric rise, backed by airdrops, staking, and perpetual futures, signals a shift toward venture-backed crypto projects.
Whales are heavily accumulating Hyperliquid’s $HYPE token as it reclaims its position among the top 20 cryptocurrencies by market capitalization. Major investors, including addresses “0x007” and “0x721,” spent millions of USDC to acquire volumes of $HYPE. These transactions underline growing confidence in the project, which has swiftly risen since its November 2024 launch.
Whale Activity and Market Impact
Notably, “0x007” purchased 151,277 $HYPE at an average price of $26.19, spending $3.96 million. Meanwhile, “0x721” acquired 99,546 $HYPE for $2.6 million, holding a total of 107,198 tokens valued at $2.76 million. Address “0x602” also entered the market aggressively, spending $911,000 to buy 37,017 $HYPE. These acquisitions signal increasing institutional interest in Hyperliquid.
Besides whale activity, the token’s robust fundamentals have supported its meteoric rise. At its diluted valuation of $27.2 billion, $HYPE outpaces other high-profile projects launched in 2024. It keeps a wider market capitalization of about $9.2 billion ahead of Bitcoin Cash and Litecoin respectively.
Airdrop Success and Staking Introduction
Hyperliquid’s airdrop strategy has proven pivotal. Initially expected to launch with a modest FDV of $150 million, the project exceeded all forecasts. The $HYPE token debuted at $3.57 and surged to $27.89 by year-end. This unexpected growth rewarded airdrop recipients.
Additionally, Hyperliquid introduced staking, enabling token holders to secure the network and earn rewards. Since its launch, 307 million tokens worth $8.4 billion have been staked across 16 validators. This move bolstered investor confidence, driving increased participation. Locked tokens can also be staked, although rewards remain inaccessible until vesting schedules conclude.
Sustainability Amid High Valuation
Despite questions about its sustainability, $HYPE continues to thrive due to token burns and active protocol fees. The protocol’s rising trading volumes and market volatility have consistently supported its valuation. Moreover, its integration of perpetual futures further enhances its appeal among traders. Hyperliquid’s achievements highlight a shift toward large, venture-capital-backed projects. These initiatives, characterized by their high FDV, attract market attention.
The post $HYPE Token Surges with Whale Buys and Staking Boom, Reaching $9.2B Market Cap appeared first on Crypto News Land.
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