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Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
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Hyperliquid’s $HYPE token has rallied to an all-time high (ATH) of $9.87 just days after executing the seventh largest airdrop in crypto history.
The genesis event on Friday, November 29, saw the team distributing some 310 million $HYPE tokens to its community.
These were worth $3.90 at launch, which meant the total value of the airdrop at genesis was $1.2 billion.
Over the weekend, the token rallied to a post-launch ATH of $9.87, which meant the value of the airdrop rose to over $3 billion, however, $HYPE now trades 15.9% lower than ATH, at $8.29, after shedding 13.6% in the last 24 hours.
Is Hyperliquid’s $HYPE Fading Already?
Hyperliquid’s sudden downturn is attributable to a market-wide dip today, which has shaved 1.6% off the price of the world’s favourite cryptocurrency Bitcoin ($BTC) and 2.4% from its number one contender, Ethereum ($ETH). As of this writing, the two market leaders trade for $95,699 and $3,617 respectively.
Hyperliquid aims to be a potential “Ethereum killer”. The layer-1 blockchain validates transactions using a proof-of-stake consensus mechanism and can process up to 200,000 transactions per second.
So, $HYPE is the network’s native utility coin, and can be staked to validate transactions and mine, or used as a gas token for Hyperliquid’s Ethereum Virtual Machine compatible layer, HyperEVM.
While it’s too early to spot trends in Hyperliquid’s performance, the chart above shows $HYPE got off to a bullish start.
Over the weekend, the token appeared faced some resistance around the dollar mark, but a support level appears to be forming around $0.70.
$HYPE’s relative strength index (RSI) sits at 58 and rising, indicating more buying than selling right now, which should help the token retain its gains.
Indeed, should Bitcoin rise, it’s likely $HYPE will too, making $10 an easily achievable target over the festive season.
From Hyperliquid to Catslap: Christmas Abounds with New Tokens
All told, ’tis truly the season to be jolly over in Web3. While Hyperliquid’s $HYPE airdrop has been setting records this weekend, over in the weird and wonderful world of meme coins, one new project has its sights on becoming the biggest cat meme coin in the world.
For the last week, investors have gone crazy over a viral Ethereum meme coin that debuted on Uniswap last week.
Within 24 hours it had blown up over 1,500% as investors snapped it up, intrigued by the project’s tap-to-slap mini game.
The game is on Catslap’s official website, where players click (or tap) the screen in order to animate a gif of the viral slapping cat.
The game logs each by country and distributes rewards to the nation at the top of the leaderboard. As of last Friday, players can enable a ‘Slap to Earn’ function which will bring up the leaderboard, with a wallet connect option. Once the wallet is connected and holding $SLAP tokens, players then earn Slap points, which pay out in additional $SLAPs.
The project’s X account already boasts over 10,000 followers in a week of trading.
Catslap has a maximum supply of 9 billion, with 50% for liquidity, 20% to staking—where investors can earn 40% for locking up their tokens, 10% to community rewards, 10% to development, and 10% to its team (with this latter allocation vested for ten years).
Procure Catslap via Uniswap or directly via the official website, where 1 SLAP is $0.00325003.
The website urges investors to “buy and stake $SLAP before major announcement!” along with a timer displaying just over six days left.
All this has helped Catslap become one of the nineteen best new meme coins on the market right now.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
