HYPE Token Briefly Overtakes Dogecoin as Hyperliquid Momentum Builds

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The HYPE token briefly moved above Dogecoin by market capitalization during Asian trading hours before pulling back. The move came as Hyperliquid continued to attract attention through trading revenue, buybacks, ETF inflows, and new perpetual market launches.

The HYPE token fell 5% to $59 after the brief move above Dogecoin. DOGE declined 0.8% to $0.1009 during the same period.

HYPE Token Rally Holds Despite Pullback

Despite the pullback, HYPE remained up 24.40% over the past seven days. The weekly gain followed Hyperliquid’s SpaceX pre-IPO perpetual launch last week.

The HYPE token rally has been linked to Hyperliquid’s trading activity and buyback structure. The platform directs 99% of certain fees to its Assistance Fund for buying HYPE linked to Hyperliquid Perps, excluding builder fees.

The same 99% figure also applies to the spot order book, excluding unit protocol fees. Hyperliquid listed gross protocol revenue of $214.95 million in Q1 2026 and $104.88 million so far in Q2 2026.
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Buyback Structure Drives Trader Focus

The buyback loop has become a major part of the market view. Traders are not only watching Hyperliquid’s exchange volumes.

They are also tracking whether those volumes continue to create open-market demand. That structure has helped frame the HYPE token as a bet on exchange activity and revenue conversion.

ETF Inflows Add Market Support

Institutional-product momentum has also supported the move. 21Shares launched the 21Shares Hyperliquid ETF, ticker THYP, on Nasdaq on May 12.

Bitwise followed with the Bitwise Hyperliquid ETF, ticker BHYP, which began trading on NYSE on May 15. The HYPE token gained more attention as these products started drawing inflows.

SoSoValue data showed the products had $74.91 million in cumulative net inflows by the May 22 trading session. Combined net assets stood at $89.20 million, while daily trading volume reached $84.13 million.

Dogecoin ETF Demand Looks Weaker

The comparison with Dogecoin has become sharper. DOGE remains one of crypto’s most liquid cultural assets, but its ETF demand has been less.

Grayscale’s GDOG became the first U.S. spot Dogecoin ETF on Nov. 24, 2025. Bitwise’s BWOW followed on Nov. 26, while 21Shares’ TDOG launched in January.

SoSoValue data showed DOGE spot ETF cumulative net inflows of $11.78 million as of May 21. Total net assets stood at $14.85 million, with $199,820 traded during the session.
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TRON Becomes Next Market Cap Target

With HYPE briefly above Dogecoin, traders are now comparing it with TRON. TRON ranked No. 8 by market capitalization in the cited data.

Based on TRON’s roughly $34.71 billion market cap and Hyperliquid’s 254.07 million circulating supply, the HYPE token would need to trade near $136 to match TRON’s valuation.

Privacy Tokens Pull Back

Privacy tokens weakened during the same session. Zcash dropped 5.2% over 24 hours to $619, marking the largest pullback among the top 20 crypto assets by market cap.

Monero fell 4% to $378. Both tokens had been among the stronger crypto performers in recent weeks, with ZEC also drawing attention after Multicoin Capital’s stake disclosure.

Macro Pressure Keeps Markets Cautious

The wider market remained cautious after U.S. Central Command confirmed strikes on missile launch sites in Iran and boats attempting to place mines in the Strait of Hormuz.

Brent crude rose nearly 2% to $98 a barrel. The dollar strengthened against all G-10 peers, while gold slipped 0.6% to $4,545.

Conclusion

The HYPE token pullback did not erase its strong weekly performance. Hyperliquid’s revenue, buyback model, derivative activity, and ETF inflows remain the main factors behind its recent market strength.