Hyperliquid [HYPE] Token Sees 70% Gains in 24 Hours, Investors Expect Far Greater Gains in the Coming Months

The HYPE token is central to the Hyperliquid ecosystem and serves as gas for the blockchain’s Ethereum Virtual Machine compatible layer HyperEVM.

Hyperliquid [HYPE] dropped 310 million tokens to its community on 29 November. At the time of distribution, each token was valued at $3.9.

This meant that over $1.2 billion was distributed to the community. The distribution was part of a six-month program that began in December 2022.

The program saw users accumulate reward points to become eligible for the airdrop. Those with a higher number of points received a larger share of the tokens.

The HYPE token is central to the Hyperliquid ecosystem A layer-1 Proof of Stake (POS) blockchain, Hyperliquid is designed to process over 200,000 transactions per second (TPS).

The HYPE token serves as gas for the blockchain’s Ethereum Virtual Machine compatible layer HyperEVM. This decentralized perpetual exchange exists on its own L1, reducing settlement time and enhancing security.

HYPE defends the $6.17 support

The Hyperliquid token enjoyed a period of sustained growth in recent hours. In fact, over the last 24 hours, the token noted gains of nearly 70%.

Over the coming months, several investors and market participants are expecting far greater gains from the token.

A technical analysis of the lower timeframes revealed that bullish momentum has been slowing down though.

The MACD on the 15-minute time frame formed a bearish crossover, but was still above the zero mark – Indicating that momentum was not yet wholly bearish.

The $6.17-level has been defended as support over the last nine hours. The OBV, though it slowed down slightly in the last four hours, did not indicate a deeper drop is likely.

Finally, the trading platform is user-friendly, has deep liquidity, and could set the benchmark for decentralized exchanges. If these promises are realized, the market would recognize the value in the token.

A Uniswap-like rally for HYPE would become more and more likely.