Hyperliquid’s HYPE token has narrowly overtaken Dogecoin by market 
capitalization on CoinMarketCap. The move came after HYPE pushed to a fresh 
all-time high above $64 on May 24, while Dogecoin remained near $0.10. The 
margin is thin, and rankings remain sensitive to price feeds and circulating- 
supply methodology. CoinMarketCap data showed Hyperliquid with a market 
capitalization of about $16.03 billion, 24-hour volume of $1.11 billion, an 
FDV near $60.08 billion and a circulating supply of 254.07 million HYPE. 
Dogecoin, by comparison, was listed with a live market cap of about $15.87 
billion, 24-hour volume of roughly $591.7 million and a circulating supply of 
154.38 billion DOGE. How Hyperliquid Was Able To Overtake Dogecoin That makes 
the flip less a clean knockout than a live-market crossing. Still, the optics 
are difficult to ignore. Dogecoin has long been the benchmark for meme-asset 
durability, surviving several market cycles on brand, community and reflexive 
attention. Hyperliquid’s ascent reflects a different market preference: tokens 
attached to venues with visible usage, fee generation and direct value-accrual 
narratives. Related Reading: Hyperliquid (HYPE) Breaks New All-Time 
High—Surges Past $62 As Momentum Spikes The core driver behind HYPE’s rerating 
has been Hyperliquid’s trading activity and its aggressive buyback structure. 
99% of fees go to Assistance Fund for buying HYPE tokens for Hyperliquid 
Perps, excluding builder fees, and gives the same 99% figure for the spot 
order book, excluding unit protocol fees. Its income statement lists 
Hyperliquid gross protocol revenue at $214.95 million in Q1 2026 and $104.88 
million so far in Q2 2026. That fee loop is central to how traders have framed 
HYPE. The token’s rally is not only a bet on exchange volumes; it is also a 
bet that those volumes keep translating into persistent open-market demand. 
The token has also benefited from institutional-product momentum. 21Shares 
launched the 21Shares Hyperliquid ETF, ticker THYP, on Nasdaq on May 12, 
offering spot HYPE exposure with potential staking rewards; Bitwise followed 
with the Bitwise Hyperliquid ETF, ticker BHYP, which began trading on NYSE on 
May 15. Related Reading: Hyperliquid Flips Solana By FDV As ‘Revenue Chains’ 
Race Heats Up SoSoValue data shows the products had attracted $74.91 million 
in cumulative net inflows by the May 22 trading session, with $89.20 million 
in combined net assets and $84.13 million in daily trading volume. The latest 
complete session added $10.9538 million in net inflows, all into BHYP, 
bringing Bitwise’s historical net inflow to $35.9567 million. For the May 
18–22 trading week, HYPE spot ETFs drew $72.38 million in net inflows, meaning 
most of the cumulative demand arrived after launch rather than in a one-day 
listing spike. The comparison with Dogecoin is sharper because DOGE’s ETF 
story is older, but the flow profile has been far less forceful. Grayscale’s 
GDOG became the first US spot Dogecoin ETF on Nov. 24, 2025; Bitwise’s BWOW 
followed on Nov. 26, and 21Shares’ TDOG launched in January. Yet SoSoValue’s 
DOGE spot ETF shows only $11.78 million in cumulative net inflows as of May 
21, with $14.85 million in total net assets and just $199,820 in value traded 
for the session. That makes the contrast with HYPE difficult to miss: DOGE 
remains one of crypto’s most liquid cultural assets, but its ETF demand has 
been comparatively muted; HYPE’s rise has been tied to exchange revenue, 
derivatives activity, buybacks and a faster-building institutional wrapper 
bid. With HYPE now above Dogecoin, the next major target is TRON, ranked No. 8 
by market capitalization. Based on TRON’s roughly $34.71 billion market cap 
and Hyperliquid’s 254.07 million HYPE circulating supply, HYPE would need to 
trade near $136 to match TRON’s valuation. At press time, HYPE traded at 
$63.572. Featured image created with DALL.E, chart from TradingView.com

Hyperliquid’s HYPE token has narrowly overtaken Dogecoin by market capitalization on CoinMarketCap. The move came after HYPE pushed to a fresh all-time high above $64 on May 24, while Dogecoin remained near $0.10. The margin is thin, and rankings remain sensitive to price feeds and circulating- supply methodology. CoinMarketCap data showed Hyperliquid with a market &#8230;

Hyperliquid Flips Dogecoin To Take The No. 9 Spot In Crypto

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This signal shows Bitcoin is heading towards $60,000 tied to a $14 billion liquidation setup

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Hyperliquid Flips Dogecoin To Take The No. 9 Spot In Crypto

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