Hypeliquid’s HYPE token has soared past the $10 billion market cap.

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HYPE has more than $10 billion in market capitalization entering 25 major coins. Hypeliquid's HYPE token surged 20% in one day, reaching an all-time high of $30.

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Hypeliquid's native token HYPE has surpassed $10 billion in market capitalization, with a price exceeding $30 per token.

The milestone comes amid market volatility following Fed Chairman Jerome Powell's dovish speech on Wednesday.

Bitcoin fell from $108,000 to $92,000 yesterday – a drop of nearly 15% – and while many altcoins are down more than 25%, the market has shown some recovery, with Bitcoin trading at around $97,000.

At the same time, the HYPE token experienced some losses, but it increased by more than 20% in the last 24 hours, entering a high of 25 coins in market value.

HyperLiquid is on the cusp of entering the top 20 coins by market cap below Polkadot, which currently has a market cap of $10.5 billion.

At press time, HyperLiquid is valued at $10.2 billion and could topple Polkadot in the coming days.

The token addition follows one of the most anticipated token airdrops of the year, with the platform distributing 310 million tokens to HyperLiquid users, making it the largest airdrop in crypto history.

This spread surpassed Uniswap's UNI airdrop since September 2020, which previously held the title as the largest airdrop, with a value of $6.4 billion in May 2021.

Hyperliquid recorded a 24-hour trading volume of $13.7 billion and a total of $561 billion, according to Defillama data.

One reason for Hyperliquid's success is the elimination of gas fees for transactions.

In addition, the platform maintains low fees for perpetual contracts and opening transactions, which are then reinvested in token purchases or ecosystem stores.

This model, coupled with an easy-to-use and fast interface, earned HyperLiquid the nickname “Decentralized Binance.”

Building on this success, the token is now valued at $30, Hyperliquid has demonstrated its potential as a leader in the DeFi space.

Looking ahead, the HyperLiquid Ethereum Virtual Machine (EVM) integration, HyperEVM is currently in the testnet phase to further grow the ecosystem.

This update introduces Ethereum-compatible smart contracts, enhances on-chain capabilities, and expands DeFi applications across the platform.

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