Hyperliquid’s native token has rewritten its own record books, climbing to an all-time high of $89.92 and knocking Dogecoin out of the global top 10 cryptocurrencies by market value. The surge caps a week of aggressive expansion for the decentralized exchange, which launched a native lending product and became the execution engine for a new confidential trading system from Near Protocol.

The token, known as HYPE, now commands a market capitalization of roughly $22.61 billion, according to CoinMarketCap data. Its 24-hour trading volume topped $1.58 billion, signaling deep liquidity behind the move. The rally pushed Hyperliquid to the 10th position among all digital assets, edging past Dogecoin while trailing Zcash by a thin…