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Hyperliquid’s HYPE token has made a remarkable surge in the crypto space by surpassing the $10 billion mark in its market capitalization. This astonishing feat comes as a surprise to many, especially given the current market volatility following Fed Chair Jerome Powell’s hawkish speech.
In recent days, Bitcoin has dropped significantly, with a loss of over 15% to currently trade around $97,000. The majority of altcoins have seen an even more dramatic fall, with some experiencing losses exceeding 25%. However, HYPE token has bucked this trend by surging over 20% in the last day alone.
As a result of this sudden surge, Hyperliquid’s HYPE token is now firmly within the top 25 coins by market capitalization. In fact, it’s only just behind Polkadot, which currently boasts a market cap of $10.5 billion.
The remarkable growth can be attributed to a recent token airdrop, in which Hyperliquid distributed an unprecedented 310 million tokens to its users. This move has sparked significant interest and engagement within the community, leading to an influx of trading volume.
Source: cryptobriefing.com
