Hyperliquid User Receives $4 Million Airdrop

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Hyperliquid power user, 2TheMoon, received 508,985.86 HYPE tokens in an airdrop from the perpetual DEX and L1, Hyperliquid, for the 95,124 points he amassed on the platform. At the current price of $8.39, his airdrop is worth $4.3M.

This behavior from top recipients underscores a broader shift in market sentiment regarding "governance tokens" versus "equity-like" assets. By refusing to sell despite having access to millions in immediate liquidity, "2TheMoon" and other whales are effectively treating HYPE not as a free reward, but as a long-term bet on the underlying Layer 1 blockchain. This high-conviction holding pattern suggests that power users view the platform's fees and revenue generation—which rival top DeFi protocols—as a sustainable source of value accrual that outweighs the temptation of short-term profit taking.

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2TheMoon was infamous for his levered long BTC positions which he took on during the market drawdown this year. In his aggressive positioning, he was liquidated several times in the downturn, with a huge $15M liquidation in early October. Nevertheless, he has not sold any of his HYPE tokens to recoup any of his losses, even making a limit order at $800 per token for his entire position as a joke.

Hyperliquid’s airdrop has officially become the largest airdrop ever, releasing $1.8B in fully unlocked value to early users of the platform. The airdrop represents 31% of the total token supply, an unusually high amount for an airdrop, due to the self-funded nature of the team.

Moreover, this distribution model challenges the industry-standard "low float, high FDV" launch strategy favored by venture capital-backed projects. In typical launches, insiders and VCs hold the vast majority of tokens while the community fights over a small "airdrop" allocation, leading to immense selling pressure as tokens unlock over time. Hyperliquid’s "fair launch" approach, with zero VC allocation and a massive 31% day-one unlock, eliminates this structural overhang. It creates a market dynamic where price discovery is driven purely by community demand rather than the looming threat of investor unlock schedules.