HYPE Coin has seen an incredible surge, gaining more than 200% in value since its debut on the Hyperliquid platform. Launched on November 29, the cryptocurrency is currently trading at $12.11, reflecting a 30% increase in just 24 hours. As a result, its fully diluted valuation has exceeded $12 billion, with a market cap around $4 billion and a daily trading volume surpassing $258 million.
How Does HYPE Coin Lead the Market?
Data from DeFiLlama reveals that Hyperliquid stands at the forefront of decentralized exchange protocols when it comes to trading volume and total value locked (TVL).
Why Are Decentralized Exchanges Gaining Popularity?
According to Anmol Singh, co-founder of Zeta Markets, the impressive trading figures for HYPE Coin indicate a marked increase in the influence of decentralized exchanges (DEX). He notes that DEXs are becoming the go-to platforms for launching new tokens, as traditional exchanges are losing their effectiveness due to transparency issues.
- HYPE Coin’s market cap has reached approximately $4 billion.
- The trading volume at HYPE’s launch highlights the rising significance of DEXs.
- Singh predicts most coin launches will occur on DEXs by 2025.
HYPE Coin is integral to the HyperLiquid ecosystem, serving not only to secure the HyperBFT consensus mechanism but also functioning as the gas coin to facilitate transaction fees within the HyperEVM execution environment. This dual utility strengthens the platform’s security and optimizes costs for transactions, making it a valuable asset in the evolving crypto landscape.