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The vibes may not be great, but it’s hard not to be hyped about HYPE.
The token’s seen a bit of sell pressure since the beginning of this month, falling to around $23. Yet it’s certainly having a better month than others.
K33’s David Zimmerman found that HYPE makes up 55% of 7-day DEX volumes, and there’s so much open interest that it could be compared to some of the biggest CEXs. It’s around 47% of OKX’s levels or 13% of Binance’s.
Let me back up for a second: Hyperliquid, ICYMI, is a layer-1 and a DEX.
“Unlike many projects in the crypto space that launch tokens before delivering a fleshed-out working product, Hyperliquid took a different approach — it focused on building and launching a successful trading platform before introducing its native token, HYPE,” K33 wrote.
And that helped HYPE stand out amongst a sea of token launches.
“31% of HYPE tokens were distributed to users at TGE, while 38.88% was earmarked for future emissions and community rewards. The only other sizeable allocation is for current and core contributors at 23.8%. Notably, especially in a year of major unlocks, core contributor tokens are locked until November 2025 with most vesting schedules complete by 2027-2028,” Zimmerman noted.
Here’s the catch: Things look great right now when you’re looking at the data. If we’re realistically looking at the market then we have to note the weakness in altcoins at this point.
Is it impossible for HYPE to keep bucking the overall negativity? No. But it’s tricky.
On the other hand, perhaps there’s a reason folks are, well, HYPEd. If Hyperliquid can set the gold standard for token launches, then perhaps that’s a more sustainable way to improve morale.
