HYPE reaches a $15.4 billion valuation, surpassing Dogecoin as traders favor utility-driven assets over meme coins.
Hyperliquid’s HYPE token has climbed into the top 10 cryptocurrencies by market capitalization, trading near $69 and reaching a valuation of $15.4 billion to $17 billion. This milestone pushes Dogecoin to the 11th spot, with both assets holding nearly identical market caps.
The shift reflects growing investor preference for tokens with on-chain utility, as HYPE underpins Hyperliquid’s high-performance Layer-1 blockchain. The platform supports decentralized perpetual futures and spot trading, processing trillions in volume and generating $1.16 billion in revenue since launch. Nearly all trading fees fund HYPE buybacks and burns, reinforcing its deflationary model.
Recent catalysts include CFTC approval for U.S. regulated perps, inflows into spot ETFs like Bitwise’s BHYP, and user growth exceeding 2 million addresses. Daily volumes often exceed $1 billion, signaling strong adoption.