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There is no doubt that HYPE is now technically the largest airdrop in cryptocurrency history, at least in terms of fiat value.

The new Hyperliquid coin may also soon become the most valuable token airdropped to date.

The team behind the popular perps-DEX-slash-layer-1 initially mapped 310 million tokens to the airdrop, with over 94,000 eligible addresses.

So far, about 270.94 million HYPE have been claimed, for all that Dashboard of the ASXN, equating to approximately 87% of the total.

At current prices, the hype generated would bring in roughly $7.6 billion in total.

This officially beats Uniswap's UNI distribution as of September 2020, which until now was generally considered the largest cryptocurrency distribution.

At UNI's peak in May 2021, the paper value of the airdrop declined Transgression $6.4 billion, more than a billion less than HYPE's current value.

UNI's airdrops were larger in scope. The tokens were initially sent to more than a quarter of a million addresses that had, at some point, used the DEX.

Nearly 94% of those addresses received less than 412 tokens, just over the allotted minimum of 400 UNI (which is now worth $6,500).

According to the sand dunes analysismore than 250 addresses - liquidity whales, SOCKS holders and power users - meanwhile received a staggering 250,000 UNI ($4 million at current prices).

After two years, 93% of recipients had redeemed all of their tokens. At that point, only 2% were still holding and only 1% increased their positions.

It's been less than three weeks since HYPE launched, so it's too early to say whether its token creation event will be more difficult.

However, HYPE's price has since risen, tripling from $3.81 to $28 as of this morning.

This gives HYPE a market capitalization of $9 billion - just 9% less than UNI - and a fully diluted value of $27 billion.

In contrast to UNI's air distribution process, approximately 12% of HYPE recipients received between 5,000 and 10,000 tokens, now worth $140,000 and $280,000 respectively.

4.3% were in the top bracket, receiving 10,000 tokens or more, while 57% found themselves in the bottom bracket of up to 100 HYPE ($2,800).

However, with Hyperliquid's TVL growing beyond $3.2 billion (now... eighth Behind the Arbitrum and before the Sui), some airdrop recipients appear to have sold their stashes.

Earlier today, 182 of the top 500 airdrop addresses no longer held any tokens at all, according to ASXN data. This includes titles that grossed between 1.95 million ($44.6 million) and just under 100,000 HYPE ($2.8 million).

Dozens of others now hold up to 75% of their tokens, though it is unclear whether they have actually sold, as they may have simply moved their tokens to another address, or otherwise deposited them on a supporting exchange.

Meanwhile, 58 of the top 500 (about 11%) have added to their holdings since the airdrop.

Something tells me that a lot of people — especially those who didn't receive the airdrop — are now waiting for the drop.

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