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Hyperliquid Airdrops 31% of $HYPE Tokens Worth $1.6B; Price Hits $7, FDV Nears $7B

Nov 29, 2024, 04:52 PM

Hyperliquid, a decentralized Layer 1 blockchain exchange, has launched its native token, $HYPE, through a massive airdrop to its early users, distributing 31% of the total 1 billion supply, amounting to over $1.6 billion worth of tokens. The launch excluded private investors, venture capitalists, centralized exchanges, and market makers, focusing on rewarding the community. Following the distribution, $HYPE's price surged by 69%, reaching up to $7, and achieving a Fully Diluted Valuation (FDV) of nearly $7 billion. The token supports staking, transaction fees, and trading on the Hyperliquid DEX. Hyperliquid's platform recorded significant trading volumes, exceeding $1.6 billion within the first day, and the total circulating supply reached 333,928,180 tokens. The airdrop is considered one of the largest ever in crypto history, marking a notable event for the decentralized finance sector.