Could Hyperliquid’s HYPE token hit $10 after its airdrop?

Hyperliquid price surged significantly on heavy volume following its anticipated airdrop.

Hyperliquid (HYPE) token spiked to $4.56 from an intraday low of $3.81, boosting its market capitalization to $1.5 billion and fully diluted valuation to $4.58 billion. This rally pushed Hyperliquid to become the 85th largest cryptocurrency by market capitalization.

Hyperliquid’s rally coincided with the ongoing cryptocurrency rally as Bitcoin (BTC) jumped over $97,000. Other top-performing cryptocurrencies were the likes of Ripple (XRP) and Solana. It also jumped after being pumped by popular celebrities like Andrew Tate bought the token.

There are rising odds that the Hyperliquid token will outperform other recent airdrops like Wormhole, zkSync, and Hamster Kombat.

Hyperliquid is dominating perpetual futures market

Hyperliquid’s rise is tied to its strong presence in the perpetual futures trading sector. Specifically, the platform has processed a cumulative trading volume of $429 billion since launch, including $17 billion over the past seven days, capturing a 27% market share. Comparatively, Ethereum processed $8.7 billion, and Arbitrum $5.5 billion in the same period.

Dominating the perpetual futures market is notable because of the volume that exists in the industry. Data shows that the market handled volume worth $265 billion in November

Hyperliquid’s token may mirror the performance of other exchange tokens that have done well in recent years. Uniswap has jumped by over 200% from its lowest level in 2023, while Raydium is up by over 3,000% from its 2023 lows.

Another potential catalyst for the HYPE token is its growth without substantial support from centralized exchanges. Analysts now expect that most exchanges, like Binance and Coinbase, will eventually list it due to its popularity among investors. Cryptocurrencies often rally after major exchange listings.

The HYPE token could also do well because of the ongoing cryptocurrency rally. Bitcoin could soon jump to $100,000, while most altcoins have formed a golden cross pattern, pointing to more gains in the near term. Therefore, there is a likelihood that the HYPE token will jump to $10 as the crypto bull run continues.