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

Hyperliquid price increased significantly due to heavy volume following the anticipated airdrop.

Hyperliquid (HYPE) token rose from an intraday low of $3.81 to $4.56, increasing its market capitalization to $1.5 billion and its fully diluted valuation rising to $4.58 billion. This rally made Hyperliquid the 85th largest cryptocurrency by market cap.

Hyperliquid’s rally coincided with the ongoing cryptocurrency rally, with Bitcoin (BTC) surging above $97,000. Other top-performing cryptocurrencies were cryptocurrencies such as Ripple (XRP) and Solana. It also rose after popular celebrities such as Andrew Tate purchased the token.

There is an increasing likelihood that the Hyperliquid token will outperform other recent airdrops such as Wormhole, zkSync, and Hamster Kombat.

Hyperliquid consistently dominates the futures market

Hyperliquid’s rise is due to its strong presence in the perpetual futures trading industry. Specifically, the platform has processed $429 billion in cumulative transaction volume since its launch; This included $17 billion in the last seven days and a 27% market share. Comparatively, during the same period, Ethereum traded $8.7 billion and Arbitrum traded $5.5 billion.

Continuously dominating the futures market is notable due to the current volume in the industry. Data shows the market processed $265 billion worth of transactions in November

Hyperliquid’s token may mirror the performance of other exchange tokens that have performed well in recent years. Uniswap is up over 200% from its 2023 low, while Raydium is up over 3,000% from its 2023 low.

Another potential catalyst for the HYPE token is its growth without significant support from centralized exchanges. Analysts now think that most exchanges such as Binance and Coinbase will eventually list the exchange due to its popularity among investors. Cryptocurrencies often rise following major exchange listings.

What a great start. $HYPE It will go down in history as the biggest airdrop in history.

This all happens with NO CeX liquidity. Without any venture capitalist’s purse.

Imagine when CeX was listed. Either they do, or they face mass withdrawals as people flock to the next big thing in crypto since BTC. pic.twitter.com/cQUt9R621n

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

The HYPE token may also perform well due to the ongoing cryptocurrency rally. While Bitcoin may soon jump to $100,000, most altcoins are forming a golden cross pattern, indicating further gains in the near term. Therefore, there is a chance that the HYPE token will jump to $10 as the crypto bull run continues.