$HYPE Price Prediction: Analysis of Chances of Reaching $1 in 2025
2024-12-02
Bittime - $HYPE price prediction analysis chances of reaching $1 in 2025. Token price Hyperliquid (HYPE) experienced a significant surge with high trading volume after the anticipated airdrop.
Huge Surge of HYPE Tokens in One Day
HYPE token surged from an intraday low of $3.81 to $4.56, which increased its market capitalization to $1.5 billion and fully diluted valuation to $4.58 billion.
This rise pushed Hyperliquid to become the 85th largest cryptocurrency by market capitalization.
Hyperliquid's price surge coincided with the ongoing cryptocurrency rally, where Bitcoin surpassed $97,000.
HYPE Price Increase due to Good Performance of XRP, Solana and Influencers
Other cryptocurrencies that are performing well include Ripple (XRP) and Solana.
This increase was also driven by endorsements from well-known celebrities such as Andrew Tate, who purchased the token.
Read too HyperLiquid Airdrop Token Price: $HYPE Flies Through 125%, Still a Bullish Signal?
HYPE Chances of Outperforming Other Airdrops
There is an increasing chance that Hyperliquid tokens will outperform other recent airdrops such as Wormhole, zkSync, and Hamster Kombat.
HYPE Token Domination in the Perpetual Futures Market
Hyperliquid's rise is closely tied to its strong presence in the perpetual futures trading sector.
Since its launch, the platform has processed a cumulative trading volume of $429 billion, including $17 billion in the last seven days, accounting for a 27% market share.
In comparison, Ethereum processed $8.7 billion, and Arbitrum $5.5 billion in the same period.
Dominance in the perpetual futures market is very important because of the volume that exists in this industry.
Data shows that the market handled $265 billion worth of volume in November.
Potential Price Catalyst for HYPE Token
The HYPE token may mirror the performance of other exchange tokens that have been successful in recent years.
For example, Uniswap has surged more than 200% from its 2023 low, while Raydium is up more than 3,000% from its 2023 low.
Another potential catalyst for the HYPE token is its growth without substantial support from centralized exchanges.
HYPE Token's Biggest Price Catalyst from Listing on Binance and Coinbase
Analysts now predict that most exchanges, such as Binance and Coinbase, will eventually list it due to its popularity among investors.
Cryptocurrencies often experience spikes after being listed on major exchanges.
The HYPE token also has the potential to perform well due to the ongoing cryptocurrency rally.
Is It Possible for Hype to Get $10 This Bull Run?
Bitcoin could soon surge to $100,000, while most altcoins have formed a golden cross pattern, indicating the potential for further upside in the near future.
Therefore, it is possible that the HYPE token will surge to $10 as the crypto bull run continues.
FAQ about Hype Token Price
1. What is the HYPE Token Airdrop?
The HYPE airdrop was a free distribution of over 300 million HYPE tokens by Hyperliquid, which was one of the largest airdrops in DeFi history, with a total value of $1.6 billion.
This airdrop took place on November 29, 2024 and marked the official launch of the HYPE token. Approximately 31% of HYPE's total supply was distributed in this event, known as the "Genesis Event."
2. What is Hyperliquid Token?
Hyperliquid token, or HYPE, is the native token of the Hyperliquid platform, which operates on a layer-1 blockchain with a proof-of-stake consensus mechanism.
This token is used for various functions within the Hyperliquid ecosystem, including staking and as a gas token for HyperEVM.
HYPE has experienced a significant price surge following the airdrop, making it one of the most talked about tokens in the cryptocurrency market.
3. How to Buy HYPE Coin?
You can buy HYPE tokens on decentralized exchanges, with Hyperliquid being the most popular platform for trading HYPE.
HYPE tokens can be traded with the HYPE/USDC pair.
Make sure to have a compatible cryptocurrency wallet and enough funds to carry out transactions.
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Reference
Crispus Nyaga, Could Hyperliquid’s HYPE token hit $10 after its airdrop?, Accessed December 2, 2024
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