- Hyperliquid is expected to onboard many more users
- Greater demand could see HYPE replicate or even eclipse UNI’s run from $3.4 to $42 last cycle
Hyperliquid [HYPE] is one of the largest airdrops seen in crypto history. The Decentralized Finance (DeFi) protocol token was valued at $3.9 initially. On 29 November, it distributed 310 million HYPE tokens to its community.
This meant that $1.2 billion was distributed to its community. HYPE was distributed through a six-month program that ended in May, one where users accumulated reward points to earn eligibility for the airdrop.
The HYPE token is central to the Hyperliquid ecosystem. A layer-1 Proof of Stake (POS) blockchain, Hyperliquid is designed to process over 200,000 transactions per second (TPS).
The HYPE token is central to the Hyperliquid ecosystem and serves as gas for the blockchain’s Ethereum Virtual Machine compatible layer HyperEVM. This decentralized perpetual exchange exists on its own L1, lowering settlement time and increasing security.
HYPE defends the $6.17 support
Source: HYPE/USDC on TradingView
The Hyperliquid token saw steady growth in recent hours. In fact, in the last 24 hours, it has seen gains of nearly 70%. In the coming months, investors and market participants expect far greater gains from the token.
Technical analysis of the lower timeframes revealed that bullish momentum has been slowing down though. The MACD on the 15-minute time frame formed a bearish crossover, but was still above the zero mark – Indicating that momentum was not yet wholly bearish.
Read Hyperliquid’s [HYPE] Price Prediction 2024-25
The $6.17-level has been defended as support over the last nine hours. The OBV, though it slowed down slightly in the last four hours, did not indicate a deeper drop is likely.
The trading platform is user-friendly, has deep liquidity, and could set the benchmark for decentralized exchanges. If these promises are done right, the market would recognize the value in the token. And, a Uniswap-like rally for HYPE would become more and more likely.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
