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HYPE Shifts DOGE: Hyperliquid Enters Top 10 Crypto Assets as Price Approaches US$70

HYPE token from Hyperliquid has now officially surpassed Dogecoin in market capitalization, securing a spot in the top 10 and marking a major victory for an asset with utility compared to meme coins.

By the end of May 2026, HYPE was trading around US$69, with a market cap of approximately US$15.4 billion to US$17 billion depending on daily movements, briefly rising to #9. Dogecoin's position just behind it at #11 with a nearly identical valuation.

HYPE Surpasses DOGE: Hyperliquid Enters the Top 10 Cryptos by Market Capitalization

Hyperliquid operates a high-performance layer-1 blockchain optimized for perpetual futures and decentralized spot trading.

This platform offers finality in under one second, on-chain central limit order book, and gasless trading, enabling it to compete with centralized exchanges in speed while remaining fully decentralized.

Since launch, the platform has processed a cumulative volume of trillions and generated more than US$1.16 billion in revenue.

Almost all trading fees go into the Assistance Fund for continuous buybacks and burns of HYPE, creating a strong token value accumulation.

Recent triggers include CFTC approval for regulated perpetuals in the US, inflows into spot ETFs like BHYP from Bitwise, and strong user growth exceeding 2 million wallet addresses.

Unlike meme coins that rely solely on sentiment, HYPE benefits from real usage metrics: daily volume often exceeds US$1 billion, high open interest, and a deflationary mechanism directly linked to platform success.

Experts say this shift highlights a preference in 2026 for tokens with clear revenue streams and on-chain utility. HYPE's performance over the past 7 days shows a strong green rally, while DOGE remains stagnant.

With HyperEVM expanding the ecosystem for broader DeFi applications and ongoing buyback programs, analysts are watching whether this momentum can continue.

Key upcoming developments include further ETF progress, potential governance proposals, and ongoing competition in the derivatives sector.

This achievement indicates a maturing crypto asset market, where product-market fit and cash flow increasingly determine rankings.