Hyperliquid’s HYPE token has narrowly overtaken Dogecoin in terms of market capitalization on CoinMarketCap. This move comes after HYPE rose to a new all-time high above $64 on May 24, while Dogecoin hovered around $0.10.
Margins are thin and rankings remain sensitive to price feeds and circular supply methodologies. According to CoinMarketCap data, Hyperliquid has a market capitalization of approximately $16.03 billion, 24-hour trading volume of $1.11 billion, FDV of nearly $60.08 billion, and circulating supply of 254.07 million HYPE. By comparison, Dogecoin was listed with a live market capitalization of approximately $15.87 billion, a 24-hour trading volume of approximately $591.7 million, and a circulating supply of 154.38 billion DOGE.
How HyperLiquid was able to overtake Dogecoin
As such, flips are more of a live market cross than a clean knockout. Still, it’s hard to ignore the optics. Dogecoin has long been the benchmark for memetic asset durability, surviving several market cycles due to its brand, community, and reflexive attention. Hyperliquid’s rise reflects a variety of market preferences. That is, a token attached to a venue with a visible usage, fee generation, and direct value generation story.
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The core driving force behind HYPE’s rerating is Hyperliquid’s trading activity and its aggressive buyback structure. 99% of the fees, excluding builder fees, will be donated to Hyperliquid Perps’ support fund for the purchase of HYPE tokens, and the same 99% figure will be obtained for the spot order book, excluding unit protocol fees. The income statement lists Hyperliquid’s total protocol revenue as $214.95 million in Q1 2026 and $104.88 million through Q2 2026.
This fee loop is central to how traders structure HYPE. The rise in the token is not just a bet on trading volume. It is also possible that these volumes will continue to translate into sustained open market demand.
The token is also benefiting from momentum in institutional products. 21Shares launched the 21Shares HyperLiquid ETF (ticker THYP) on Nasdaq on May 12, offering spot HYPE exposure with potential staking rewards. Bitwise follows the Bitwise HyperLiquid ETF, ticker BHYP, which began trading on the New York Stock Exchange on May 15.
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According to SoSoValue data, the product has attracted cumulative net inflows of $74.91 million through the May 22 trading session, with total net assets of $89.2 million and daily trading volume of $84.13 million. The latest full session added $10,953,800 in net inflows, all of which went into BHYP, bringing Bitwise’s historic net inflows to $35,956,700. During the trading week of May 18-22, the HYPE Spot ETF recorded net inflows of $72.38 million. This means that most of the cumulative demand arrived after the launch, rather than a one-day listing spike.
DOGE’s ETF story is older, so comparisons to Dogecoin are clearer, but the flow profile is much less strong. Grayscale’s GDOG became the first spot Dogecoin ETF in the US on November 24, 2025. Bitwise’s BWOW followed on November 26th, followed by the launch of 21Shares’ TDOG in January. However, SoSoValue’s DOGE Spot ETF had only $11.78 million in cumulative net inflows as of May 21, with total net assets of $14.85 million and only $199,820 traded during the session.
So the contrast with HYPE is hard to miss. Although DOGE remains one of the most liquid cultural assets in cryptocurrencies, its ETF demand has been relatively subdued. The rise in HYPE has been tied to a rapid build-up in exchange earnings, derivatives activity, share buybacks, and institutional wrapper bids.
With HYPE outperforming Dogecoin, the next major target is TRON, which ranks 8th in market capitalization. Based on TRON’s market cap of approximately $34.71 billion and Hyperliquid’s HYPE circulating supply of $254.07 million, HYPE would need to trade close to $136 to match TRON’s valuation.
At the time of writing, the price of HYPE was $63.572.
Featured image created with DALL.E, chart on TradingView.com
