Hyperliquid Overtakes DOGE in Market Cap as HYPE Rally Adds 70% in May

HYPE Flips DOGE as Market Cap Crosses $16B

HYPE kicked off June with another milestone as the token breached the $70 mark on its way to tapping an all-time high. The latest surge, which came amid a crypto market retreat, saw HYPE’s market capitalization surpass $16 billion and dislodge DOGE to become the No. 10 digital asset by market cap.

Coingecko data show that after nearly tapping the $70 threshold on May 31, a brief sell-off saw HYPE decline to $67.56 before recovering to trade just under $68. The coin slipped below $68 before kickstarting a rally that took it to $74.04, a more than 8% gain in 24 hours. The latest jump pushed HYPE’s weekly gain to 14% and saw it close May with gains exceeding 70%. Meanwhile, HYPE’s performance in the last 24 hours saw over $18 million in short positions liquidated, compared with nearly $2.4 million in longs.

The underlying catalyst for this price discovery is a structural shift toward institutional adoption, exemplified by Grayscale’s impending entry into the Hyperliquid ecosystem. Reports indicate the asset manager is structuring a private placement with Hyper Holdings Global LP to acquire a 2-million HYPE token position via an exchange-traded fund (ETF) share swap.

This capital injection aligns with Grayscale’s broader positioning strategy, having recently retitled its investment vehicle as the Grayscale Hyperliquid Staking ETF to target sophisticated capital seeking native on-chain yield. Industry observers note that the combination of Grayscale’s product restructuring and Hyperliquid’s strategic alignment with Coinbase marks a critical evolution. The platform is successfully transitioning from a niche decentralized perpetual exchange into macro-critical, institutional-grade trading infrastructure.

Despite the overwhelming bullish sentiment across crypto social media, a few voices are urging extreme caution. Skeptics argue that HYPE’s vertical chart is flashing textbook bubble metrics. They warn that the retail crowd currently rushing to chase the pump is merely walking straight into a meat grinder—destined to become nothing more than exit liquidity for the smart money orchestrating the distribution phase.