Hyperliquid's HYPE token has overtaken Dogecoin to become the ninth-largest cryptocurrency by market capitalization, reaching a new all-time high of $64 on May 24 while Dogecoin languished around $0.10.
HYPE's market cap stands at roughly $16 billion, just ahead of Dogecoin's $15.8 billion. The shift reflects a focus on tokens tied to trading activity and revenue generation, rather than meme-asset durability.
Key drivers: 99% of Hyperliquid's fees go toward buying HYPE tokens, creating a continuous demand loop. The platform generated $214 million in revenue in Q1 2026.
ETFs contributed: The 21Shares Hyperliquid ETF (THYP) and Bitwise Hyperliquid ETF (BHYP) launched in May, attracting nearly $75 million in cumulative net inflows - a stark contrast to Dogecoin ETFs, which have only seen about $12 million.
Next target is TRON at #8, requiring HYPE to reach $136 per token. HYPE currently trades at $63.57.
