Hyperliquid’s HYPE token hits record high, enters top‑10, overtakes Dogecoin

Hyperliquid’s native token HYPE surged above $60, reaching a record price of $62‑$63 and pushing its market capitalization past $15 billion, according to CoinMarketCap data. The rally lifted HYPE into the top ten cryptocurrency rankings, where it displaced Dogecoin to claim the ninth spot, while Dogecoin fell to tenth with a valuation around $16 billion.

The price jump has been driven by growing institutional participation. Asset managers Bitwise and 21Shares launched HYPE‑linked exchange‑traded funds that have attracted between $57 million and $81 million in inflows, generating more than $1 billion in assets under management. The funds have seen trading volumes rise sharply since debut. In addition, Hyperliquid’s tokenomics allocate 97 % of trading fees to an “Assistance Fund” that purchases HYPE on the open market, resulting in over $1.16 billion of buybacks and sustained demand pressure. Large institutional traders, such as the DAT‑type PURR fund, now control roughly 10 % of HYPE’s circulating supply and operate with a $1 billion credit facility.

The token’s growth coincides with expanding activity on the Hyperliquid platform, where total value locked exceeds $5 billion and open interest approaches $10 billion. The broader market response highlights a shift from meme‑driven assets toward DeFi projects backed by traditional finance structures.