While cryptocurrencies are generally having a stellar year (ahem, sarcasm), some are managing to stand out like a flamboyant peacock at a barnyard dance. Case in point: the HYPE token from Hyperliquid, which has been strutting its stuff since December 2024.
Since its launch, HYPE has managed to magically increase in value by over 176%. Meanwhile, Bitcoin took a nosedive (a whole 3%!) and Ether decided to join the plunge party, dropping 32%. Altcoins, too, decided to get in on the fun, with their market cap shrinking by 18%. 📉
James Ho, co-founder of Modular Capital, attributes Hyperliquid’s stellar performance to what he calls “fundamentals” (because calling it a “miracle” might be too much). He wrote in a Feb. 13 X post:
“HyperliquidX – $400 million – $500 million of run rate fees vs $8 billion – $9 billion circulating supply (20x) and entirely used for buybacks.”
Hyperliquid’s fees are somehow “entirely directed to the community,” which is like saying your tax dollars go directly to funding your favorite TV show. (Wouldn’t that be nice?)
Hyperliquid shot to fame after hosting the most valuable airdrop in crypto history, which was worth a whopping $7.5 billion on Jan. 15. Because, you know, who doesn’t love free money? 🎉
Vitali Dervoed, co-founder and CEO of Composability Labs, says the decentralized launch of the HYPE token marks the beginning of a new era for fair launch tokens. Or, in other words, it’s like the start of a brand new episode of your favorite reality show, but with crypto.
Altcoin still in “speculative” early phase – analyst
Some altcoins might still catch up to Hyperliquid’s performance, but don’t hold your breath. Crypto analysts suggest the altcoin market is still in an early “speculative” phase, which is a fancy way of saying, “It’s like playing a game of musical chairs with your life savings.”
The altcoin season has yet to come, partly because memecoins have stolen the show (and the money). Nicolai Sondergaard, a research analyst at Nansen crypto intelligence platform, says:
“Altcoin season will still show up, but it may not be the same way people experienced it in previous cycles. We have way more tokens now, higher levels of dispersion[…]”
Meanwhile, crypto investor sentiment remains super cheerful, thanks to global trade war concerns and new import tariffs. Because, you know, what’s a little economic turmoil among friends? 🌧️
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2025-02-14 18:33