Hyperliquid’s HYPE Token Soars: Largest Crypto Airdrop by Paper Value

Breaking Down HYPE’s Historic Airdrop Numbers

Hyperliquid’s HYPE token has become the largest airdrop in crypto history by paper value. The token is currently worth $27.12 (+130% in December).

Comparing HYPE to Other Major Crypto Airdrops

Incidentally, CoinGecko believes that the biggest airdrops in crypto history continue to be those of Uniswap ($6.43 bn), Apecoin ($3.54 bn), dYdX ($2.01 bn), Arbitrum ($1.96 bn),

Ethereum Name Service ($1.87 bn) and Internet Computer ($1.73 bn). Hyperliquid distributed tokens worth $1.2 bn, while the average distribution per user amounts to about $30k.

Strategic Shift: From Solana to Arbitrum

The reason for this strong pump, according to crypto investors, is the transition from Solana to Arbitrum. Meanwhile, $HYPE is replacing $SOL as a new layer-1 blockchain (L1).

In addition, as Keyrock noted, projects that are generous with their airdrops (and HYPE is precisely this kind of a project) tend to cultivate a more invested user base, leading to better outcomes over time.

Technical Analysis: Support Levels and Resistance Points

Technically, a fairly strong bullish trend has formed in the token with support in the range of $25-25.8.

This trend may well continue with a breakout at the $27.75 mark, a high of $28.96 and then perhaps a resistance range of $30.2-31.2.

Risk Assessment: Potential Double Top Formation

The key test for buyers is currently the bulls’ ability to break above $28.96.

If buyers fail to reach this mark, or it turns out to be a false breakout, then the formation of a classic double top bearish reversal pattern cannot be ruled out.

At that point, the confirmation line would be $23.77, while the completion of the pattern would be confirmed by a drop below this lower line.