The HYPE token, native to the decentralized perpetual trading platform Hyperliquid, debuted with remarkable momentum following its token generation event today. The token’s price has climbed 11% since launch, trading at $4.20 and pushing its fully diluted valuation (FDV) to $4.2 billion. With 333 million tokens currently in circulation out of a total supply of 1 billion, HYPE’s market capitalization now stands at approximately $1.4 billion.
As part of the launch, Hyperliquid conducted an airdrop, distributing 31% of the total supply—or 310 million tokens—to community members who had accrued reward points over six months. Each point converted to 5 HYPE tokens for eligible users, creating substantial windfalls for many. Users shared their gains on X.com, with one recipient reporting over $300,000 earned from the airdrop and another celebrating $18,000 in rewards.
Trading volume for HYPE has exceeded $250 million in the past 24 hours, reflecting strong demand despite the typical sell pressure associated with airdrops. The token’s launch has sparked significant enthusiasm, with demand outpacing supply and driving upward price momentum.
HYPE serves multiple roles within the Hyperliquid ecosystem, including staking to secure the HyperBFT consensus mechanism and functioning as the native gas token for HyperEVM. These utilities underline the token’s importance in fostering the platform’s decentralization and utility.