- HYPE’s market capitalization is now over $7 billion.
- The deposit on the platform is now double its pre-TGE.
As a seasoned researcher with years of experience in the crypto market under my belt, I must admit that the growth story of Hyperliquid (HYPE) has caught my attention. With its market capitalization surpassing $7 billion and a staggering $2.2 billion USDC deposits on the platform, it’s hard not to be intrigued.
Since the introduction of its native token, HYPE, Hyperliquid[HYPE] has amassed more than a billion dollars worth of USDC deposits, effectively doubling its total reserves to an impressive $2.2 billion.
The surge in activity has significantly boosted the overall value secured on this platform to a remarkable $3.4 billion, indicating high investor interest and a fresh wave of energy within the ecosystem.
USDC dominates Hyperliquid’s asset composition
Since the introduction of its own token, HYPE, Hyperliquid has experienced an enormous surge in USDC investments totaling more than $1 billion, as indicated by information from SpotOnChain.
The token generation event (TGE) marked a pivotal moment for the platform, driving unprecedented growth in deposits. Currently, the Hyperliquid network holds approximately $2.2 billion USDC, nearly doubling its pre-TGE levels.
In essence, most of the assets held by Hyperliquid’s bridge are USDC, making up nearly the entirety of the total deposits, with USDC accounting for almost 100%.
On the platform, Ethereum, currently ranked as the second largest asset, is significantly lagging with a value below $400. This significant gap indicates that US Dollar Coin (USDC) plays a dominant role in providing liquidity within the chain.
TVL skyrockets to over $3.4 billion
The total value locked (TVL) in Hyperliquid has seen a significant jump, which can be attributed to heightened platform activity after the debut of HYPE token. As per DeFiLlama’s data, the TVL skyrocketed from $196 million on November 29th to over $3.4 billion currently.
The significant expansion matches well with the buzz surrounding the HYPE Token Generation Event (TGE) and its subsequent placements across multiple trading platforms. This suggests a high level of investor participation and rekindled curiosity within the Hyperliquid network.
The rise in TVL underscores the impact of the native token on driving user participation and capital inflows.
HYPE token maintains bullish momentum
The HYPE token has demonstrated impressive performance, trading at $28.48 after a 4.47% increase in the last 24 hours. This price surge mirrors the influx of USDC into the network, reinforcing the token’s growing demand.
In just a few short weeks, the value of HYPE has skyrocketed from $10 to $28, shattering important resistance barriers and demonstrating high investor optimism.
The ongoing upward trend indicates a continuous push by buyers, but the swift climb has sparked worries about possible overheating.
Although moving averages and RSI data don’t provide clear guidance for detailed analysis yet, the overall market mood suggests that $30 might serve as the upcoming psychological barrier level.
On the negative side, if profits need to be taken or market adjustments occur, the supportive level for criticism is at $20, offering protection.
Can Hyperliquid sustain its growth?
The rapid expansion of Hyperliquid, driven by the debut of the HYPE token and increased USDC investments, presents a promising outlook for the platform. This significant increase in Total Value Locked (TVL) and asset value is indicative of growing trust from investors and escalated user activity.
Still, caution is warranted, given the steep trajectory.
– Realistic or not, here’s HYPE market cap in BTC’s terms
Maintaining market interest in Hyperliquid is crucial, and this can be achieved by ensuring liquidity remains strong, increasing the versatility of HYPE, and enticing more users to join its ecosystem.
Over the coming weeks, it’s crucial to ascertain if this surge is temporary or marks the start of sustained prosperity.
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2024-12-18 08:09