The price of the Hyperliquid token is trading around $19 at the time of writing, and all attention is focused on the key technical and psychological resistance located at the $20 level. The cryptocurrency has risen nearly 4% in the last 24 hours and currently has a market capitalization of over $6 billion, according to CoinGecko.
The price of HYPE is aimed at $20
HYPE has been one of the most effective altcoins in the last 24 hours. This is happening against the backdrop of a significant increase in trading volume, which has risen by almost 100% over the day.
However, in addition to this, Hyperliquid's open interest compared to centralized exchanges has reached an all-time high, according to Hypeflows data.
Some analysts seem to believe that open interest is the best indicator for assessing the number and engagement of new user flow, which means that Hyperliquid is receiving a more organic flow of retail users compared to large centralized exchanges.
In any case, Hyperliquid currently accounts for 83% of the total trading volume on decentralized exchanges with nearly $6 billion in the last 24 hours.
Rumors of a second Hyperliquid airdrop
In addition to seemingly strong fundamentals over the past couple of weeks, rumors are also circulating on social media that the team may be preparing to launch the second season of Hyperliquid points, a system used to reward users with HYPE tokens through an airdrop.
According to a popular social media user and frequent commentator on Hyperliquid, the user interface of the points page has been updated on the testnet.
The hunt for airdrops is quite popular and may be one of the reasons fueling the recent rise of HYPE. After all, it was one of the most successful and widely discussed giveaways in the last few years, so those who missed it may want to try again.
