{ "id": 81956, "date": "2026-05-26T09:05:20", "date_gmt": "2026-05-26T02:05:20", "guid": { "rendered": "https:\/\/hbbgroup.net\/hyperliquid-flips-dogecoin-to-take-the-no-9-spot-in-crypto\/" }, "modified": "2026-05-26T09:05:20", "modified_gmt": "2026-05-26T02:05:20", "slug": "hyperliquid-flips-dogecoin-to-take-the-no-9-spot-in-crypto", "status": "publish", "type": "post", "link": "https:\/\/hbbgroup.net\/en_us\/hyperliquid-flips-dogecoin-to-take-the-no-9-spot-in-crypto\/", "title": { "rendered": "Hyperliquid Flips Dogecoin To Take The No. 9 Spot In Crypto" }, "content": { "rendered": "
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Hyperliquid\u2019s 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.<\/p>\n

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.<\/p>\n

How Hyperliquid Was Able To Overtake Dogecoin<\/h2>\n

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\u2019s ascent reflects a different market preference: tokens attached to venues with visible usage, fee generation and direct value-accrual narratives.<\/p>\n

The core driver behind HYPE\u2019s rerating has been Hyperliquid\u2019s trading activity and its aggressive buyback structure<\/a>. 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.<\/p>\n

That fee loop is central to how traders have framed HYPE. The token\u2019s rally is not only a bet on exchange volumes; it is also a bet that those volumes keep translating into persistent open-market demand.<\/p>\n

The token has also benefited from institutional-product momentum<\/a>. 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.<\/p>\n

SoSoValue data<\/a> 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\u2019s historical net inflow to $35.9567 million. For the May 18\u201322 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.<\/p>\n

The comparison with Dogecoin is sharper because DOGE\u2019s ETF story is older, but the flow profile has been far less forceful.<\/a> Grayscale\u2019s GDOG became the first US spot Dogecoin ETF on Nov. 24, 2025; Bitwise\u2019s BWOW followed on Nov. 26, and 21Shares\u2019 TDOG launched in January. Yet SoSoValue\u2019s 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.<\/p>\n

That makes the contrast with HYPE difficult to miss: DOGE remains one of crypto\u2019s most liquid cultural assets, but its ETF demand has been comparatively muted; HYPE\u2019s rise has been tied to exchange revenue, derivatives activity, buybacks and a faster-building institutional wrapper bid.<\/p>\n

With HYPE now above Dogecoin, the next major target is TRON, ranked No. 8 by market capitalization. Based on TRON\u2019s roughly $34.71 billion market cap and Hyperliquid\u2019s 254.07 million HYPE circulating supply, HYPE would need to trade near $136 to match TRON\u2019s valuation.<\/p>\n

At press time, HYPE traded at $63.572.<\/p>\n

\"Hyperliquid
Hyperliquid surges to a new all-time high, 1-week chart | Source: HYPEUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image created with DALL.E, chart from TradingView.com<\/p>\n<\/p><\/div>", "protected": false }, "excerpt": { "rendered": "

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