Hyperliquid Labs is about to conduct its first HYPE token distribution, with approximately 1.2 million HYPE tokens (worth about $31.2 million) already unstaking and to be distributed to team members on January 6th. HYPE officially launched via community airdrop in November 2024. Approximately 23.8% of the total supply is planned to be reserved for core contributors, and these tokens will be unlocked gradually. The total supply of HYPE is capped at 1 billion tokens. Currently, there are approximately 238.4 million HYPE tokens in circulation. HYPE is currently trading at approximately $26, with a market capitalization of $6.2 billion and a fully diluted market capitalization of $25.1 billion. Over 61% of HYPE tokens remain locked.