HYPE, the native token of HyperliquidX, has indeed been a standout performer among altcoins, with an impressive 84% surge in the past month. This growth can be attributed to several factors, including ¹:

- *Airdrop Farming*: Users are farming points, yields, and rewards on HyperEVM protocols, which requires buying, staking, and looping HYPE tokens, thereby increasing demand.

- *Token Buybacks*: Hyperliquid's buy-and-burn mechanism removes tokens from circulation, reducing supply and potentially driving up the price. The Assistance Fund has removed around $795 million worth of HYPE tokens from the total supply.

- *Market Domination*: Hyperliquid has become a leading on-chain derivatives platform, accounting for 70% of the on-chain derivatives volume. Its monthly trading volume has exceeded Uniswap and PancakeSwap combined.

- *Speculative Rotation*: Investors are rotating into HYPE, seeking more volatile bets in the DeFi space.

The current price of HYPE is around $37.71, with a market capitalization of approximately $12.57 billion. Its market dominance and growing adoption have contributed to its impressive price performance ².