30 May 2026 14:00 UTC - by Benjamin Njiri
Hyperliquid's HYPE briefly flipped DOGE to become the 9th largest crypto by market cap, is Tron and Solana next?
➤ Despite regulatory developments in the US regarding perps, Hyperliquid views it as a positive step towards DeFi perps and not a threat to its operations.
➤ The rally was driven by media attention, ETF flows, and the platform's focus on decentralized perpetual futures (perps), which are expanding into commodities and RWAs.
➤ Hyperliquid's HYPE token briefly surpassed Dogecoin to become the 9th largest cryptocurrency by market cap, reaching an ATH of $67.5.
Hyperliquid [HYPE] hit a series of new all-time highs (ATH) on the price chart this week, thanks to media attention and ETF flows.
On the 29th of May, the altcoin climbed to another record high of $67.5, with the market cap surpassing $17B.
This briefly flipped Dogecoin [DOGE], asHYPEbecame the ninth-largest crypto by market cap and firmly joined the top 10 list. This would make Tron [TRX] and Solana [SOL] the next targets.
As of writing, however, the altcoin gave back some gains and traded at $64.5 and ranked 10th by market size on CoinMarketCap.
Source: HYPE/USDT
HYPE has rallied 70% since mid-May and surged 3X from the February lows of $20. The parabolic rally in May was triggered by Coinbase’s USDC deal and sustained by thestrong ETF flows.
But Friday’s pump was a complete surprise.
Hyperliquid foresees DeFi perps in the U.S
Notably, on Friday, the U.S. Commodity Futures Trading Commission (CFTC) approved the first Bitcoin perpetual Futures contract (perps) for Kalshi and Coinbase. Perps allow users to gain exposure to assets with limited capital.
Hyperliquid’s breakout success was hinged on crypto perps. Later on, it diversified into commodities or RWA (real-world assets) perps, pre-IPO, and now prediction markets.
In fact, perps is the mostdominant segmentin terms of volume and Open Interest across the entire crypto market.
Hence, Hyperliquid’s moat quickly elevated it as a top challenger to Binance, Coinbase, and even top traditional players like Nasdaq. Some analysts claimed that since crypto perps were not legal, U.S. citizens were leveraging VPNs to use Hyperliquid.
Assuming this is true, the CFTC’s approved perps would have been deemed negative for Hyperliquid. This is because Coinbase and Kalshi are now regulated rivals.
But Hyperliquid Policy Center (HPC), the research and lobby arm of the decentralized exchange (DEX), downplayed the threat.In fact, HPC’s CEO Jake Chervinsky saw it as a positive update and noted,
» This was always an expected and necessary first step on the long road toward enabling DeFi perps in the USA.
Source: X
Currently, the rules apply to perps on centralized exchanges but not DEXes. Interestingly, the update, including a series ofunstaked HYPE,didn’t deter bulls. Should bulls continue to defend $60 as support, the next upside targets could be $70 and $80.
Final Summary
• HYPE briefly flipped DOGE as the ninth-largest crypto asset after climbing to a record high of $67.5.
• Hyperliquid views the U.S. first CEX crypto perps as the ‘first step’ to DeFi perps and not a threat to the platform.
Categories rationale: The article focuses on the rapid growth and market capitalization increase of Hyperliquid (HYPE), fitting under 'Scalability' and specifically 'Growth Metrics'. Its mention of decentralized exchanges and futures contracts also relates to 'Blockchain Usage', particularly 'Ethereum & EVM L1s' as a common base for such platforms.Characteristics justification: The article discusses a significant and rapid price surge and market cap increase for HYPE, indicating high novelty and relevance. The sentiment is largely positive due to the ATH and growth, but the mention of potential regulatory shifts and competition introduces a slight degree of uncertainty and a moderate positive sentiment score. The rapid price movement suggests a higher entropy.Tag relevance: The tags 'Hyperliquid', 'HYPE', and 'Dogecoin' are central to the article's narrative. 'Top 10 crypto', 'all-time high', and 'market cap' describe the event's significance. 'DeFi perps', 'CFTC', 'Coinbase', and 'Kalshi' highlight the technological and regulatory context driving the surge.asset-types: others
rwa: false
entropy: 0.75
sentiment: 0.4
staleness: 0.3
relevance: 0.8
uncertainty: 0.2RWATimes slug: ambcrypto-hyperliquid-briefly-flips-dogecoin-joins-the-top-10-crypto-list-after-67-5-ath-2098300556