The HYPE token from Hyperliquid has officially surpassed Dogecoin in market cap, securing a spot in the top 10 and marking a major win for utility-driven assets over memecoins.

By the end of May 2026, HYPE is trading around $69, with a market cap fluctuating between $15.4 billion and $17 billion, depending on intraday movements, briefly reaching position #9. Dogecoin sits just behind at #11 with a nearly identical valuation.

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

Offers a completion time of less than one second, a centralized on-chain order book, and gas-free trading, matching the speed of a centralized exchange but fully decentralized.

The platform has processed trillions in accumulated volume and generated over $1.16 billion in revenue since its launch.

Almost all trading fees go to a Buyback and Continuous Burn Assistance Fund for HYPE, generating strong value accumulation for the token.

Recent catalysts include the CFTC's approval for regulated futures in the U.S., entries into spot ETFs like Bitwise's BHYP, and strong user growth surpassing 2 million addresses.

Unlike memecoins that rely solely on sentiment, HYPE benefits from real usage metrics: daily volumes often exceeding $1 billion, high open interest, and a deflationary mechanism directly tied to the platform's success.

Experts point out that this shift highlights the preference in 2026 for tokens with clear income and on-chain utility. The performance of HYPE over 7 days shows strong bullish momentum, unlike the relative stability of DOGE.

With HyperEVM expanding the ecosystem for broader DeFi applications and ongoing buyback programs, analysts are watching to see if the momentum holds.

Upcoming key milestones include further advancements in ETFs, possible governance proposals, and ongoing competition in the derivatives sector.

This achievement reflects a maturing crypto market, where the fit between product and market and cash flows increasingly determine rankings.

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